Speaking about the exchange’s collapse, SBF said FTX was never insolvent and that all customer assets owed when it filed for bankruptcy in 2022 “never left the platform.”
According to recent figures from the bankruptcy estate, FTX now holds assets worth an estimated $136 billion. This suggests that nearly all creditors could receive between 119% and 143% repayment. It is a surprising turnaround for what was once seen as crypto’s biggest failure.
A Stunning Financial Reversal
When FTX filed for bankruptcy in November 2022, the exchange reported an $8 billion shortfall. This sparked widespread panic and wiped billions from the crypto market overnight. Fast forward to 2025, and that number tells a completely different story. SBF claims the missing funds were not lost but misrepresented, as the platform’s assets simply depreciated during the bear market.
[SBF says:]
This is where the money went. https://t.co/HVRwEw5Z1k https://t.co/5DrA13L5YE pic.twitter.com/O6q77DvmTn
— SBF (@SBF_FTX) October 31, 2025
The recovery plan has now covered $8 billion in claims and $1 billion in legal fees, yet the estate still retains $8 billion in remaining assets. Nearly 98% of creditors have already received around 120% repayment, and the remaining claims are expected to be settled in full. This outcome, almost unheard of in bankruptcy cases, shows how FTX’s investments and holdings have rebounded sharply as the crypto market recovered.
Today, FTX’s petition-date holdings are worth an estimated $136 billion, including $14.3B in Anthropic equity, $7.6B in Robinhood stock, $1.2B in Genesis Digital Assets, $600M in SpaceX (via K5 Global), 58M SOL ($12.4B), 890M SUI ($2.9B), 205K BTC ($2.3B), 225.4M XRP ($600M),… pic.twitter.com/gzSpFGdfdy
— Wu Blockchain (@WuBlockchain) October 31, 2025
FTX’s asset portfolio reads like a snapshot of the broader digital economy’s comeback. It includes 58 million SOL ($12.4B), 205,000 BTC ($2.3B), 890 million SUI ($2.9B), and stakes in tech giants such as Anthropic ($14.3B), Robinhood ($7.6B), Genesis Digital Assets ($1.2B), and SpaceX ($600M via K5 Global). Alongside these holdings, the estate reports $1.7 billion in cash and $345 million in stablecoins, reinforcing claims of solvency.
A Question of Trust and Transparency
The revelation raises big questions about transparency in crypto exchanges and bankruptcy proceedings. If SBF’s claims are accurate, it suggests FTX’s downfall may have been more about liquidity timing than actual insolvency. However, critics argue that regardless of the numbers, poor governance and opaque practices still caused massive harm to users and the industry’s reputation.
[SBF says:]
I’ve heard that some people in the replies are asking: Where did the money go?
The answer is: It never left. In fact, 98% of allowed FTX customer claims have already been fully repaid—with interest.
That’s in petition-date USD. But when bankruptcy lawyers took…
— HB Li (@HBLi17) October 28, 2025
As digital assets rise in value again, the FTX case serves as a stark reminder of how fast fortunes can change in crypto — for better or worse. The alleged recovery doesn’t erase the trust lost, but it could reshape how regulators and investors view exchange collapses in the future.
Disclaimer
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