Former CEO Sam Bankman-Fried alleges that the collapsed cryptocurrency exchange FTX was never insolvent and points to legal actions as a major contributor to investor losses. His claims are outlined in a document posted on his X account which states the company experienced only a temporary liquidity issue that could have been resolved, but lawyers intervened. The document accuses Sullivan & Cromwell and former FTX executives of orchestrating FTX’s bankruptcy, claiming it was for personal gain. It alleges that these actions cost investors $66 billion, arguing that if the exchange had continued operating, customers would have received their funds in full. Additionally, the document claims that lawyers pushed FTX into bankruptcy to seize control of its assets and benefit from its value.