SBF says FTX was solvent, blames bankruptcy team for ‘decimating’ firm

2 days ago7 min read

From his prison cell, Sam Bankman-Fried is launching a Hail Mary pass that would make even the most cynical Bitcoin maximalist raise an eyebrow. The narrative he's spinning—that FTX was actually solvent and it was the bankruptcy professionals who 'decimated' the firm—is a masterclass in audacity, a final, desperate gambit in a high-stakes game where he has already been dealt a losing hand.Let's be perfectly clear: this is the same SBF who presided over a crypto empire that wasn't just poorly managed; it was a house of cards built on the quicksand of customer funds, a digital Ponzi scheme disguised in a baggy t-shirt and tousled hair. His conviction wasn't a miscarriage of justice; it was the inevitable consequence of a system that treated other people's money as his personal slush fund for venture capital bets, political donations, and bizarre celebrity endorsements.Now, he and his family are reportedly seeking clemency from former President Donald Trump, a move that reeks of the same backroom dealing and regulatory capture that has plagued the altcoin space from its inception. This entire saga is a stark reminder of why Bitcoin remains the only true sovereign currency.It doesn't need a charismatic leader to beg for its survival. Its code is its king, its decentralized network its constitution.The FTX collapse wasn't an anomaly; it was the logical endpoint of a culture that prioritizes hype over fundamentals, centralized control over individual sovereignty. These altcoin ventures, with their pre-mined tokens and cults of personality, are fundamentally flawed.They are not building a new financial system; they are recreating the old, corrupt one with faster servers and more confusing jargon. The bankruptcy team, far from being the villains in SBF's revisionist history, were the adults who finally entered the room to clean up a catastrophic mess left by a child who had been playing with matches next to a gas can.Their job was to salvage whatever scraps remained for the creditors—the real victims, the everyday people who trusted this man with their savings. To blame them for the implosion is like a captain blaming the coast guard for his ship sinking after he deliberately steered it into an iceberg.The plea to Trump is particularly galling, an attempt to inject the corrosive politics of favor-trading into what should be a clear-cut case of fraud. This is the swamp, plain and simple.It’s a desperate alliance of convenience between a fallen crypto king and a political figure, both operating in systems where rules are for little people. The entire spectacle underscores the critical divide in this industry: between the sound money principles of Bitcoin, which requires no savior and operates beyond the reach of any president's pen, and the shaky, permissioned world of altcoins and their centralized exchanges, which ultimately always come crawling back to the very establishment they claim to disrupt. SBF’s final act isn't one of contrition; it's a performance of unrepentant arrogance, a lesson in what happens when you build on a foundation of sand and are then surprised when the tide comes in.

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#SBF

#FTX

#bankruptcy

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#conviction

#clemency

#Trump