The statement released by Sam Bankman-Fried (SBF) and his team regarding the financial health of FTX, shortly after its bankruptcy filing in 2023, has reignited controversy within the crypto community. While the SBF team claims FTX’s assets were never truly insolvent, they reveal a staggering $136 billion total asset valuation at the time of bankruptcy. This figure suggests that liquidity issues were manageable if not for the intervention by court supervision. 8 billion customer balances have also been presented as untouched. The report further alleges nearly all creditors (98%) are set to receive more than they initially lost, with repayment estimates ranging from 119% to 143%, pending final settlements. However, many on-chain analysts believe this narrative only presents a partial picture. ZachXBT highlights that the reported repayments are based on cryptocurrency prices from late 2022, a period marked by significant market downturns. He argues these assets would be worth significantly more today, effectively erasing the gains for customers exposed to crypto’s rally since then. The SBF team’s document reveals a picture far beyond a bankrupt exchange: it lists billions in equity stakes like Anthropic and Robinhood, along with an exposure of $600 million through K5 Global to SpaceX. The cryptocurrency holdings are equally impressive: 58 million Solana tokens worth almost $12.4 billion; nearly 900 million SUI tokens valued at $2.9 billion; over 200,000 Bitcoin valued at $2.3 billion; and hundreds of millions of XRP and Ethereum. The team argues FTX’s collapse was not due to insolvency but a temporary funding shortfall caused by rapid withdrawals. They claim the exchange was days away from returning to normal operations when legal counsel intervened and filed for bankruptcy protection. Nevertheless, skepticism remains high among crypto veterans who see this as yet another attempt at self-serving narrative after his conviction on fraud charges. The political aspect is also evident, with some Trump supporters speculating if SBF might receive similar treatment in light of Changpeng Zhao’s recent pardon by former president Donald Trump. However, the damage done to the crypto space remains clear for many. Despite the potential appeal of the $136 billion figure, FTX’s collapse remains a historical event that continues to cast a shadow on the industry.