From Prison, Sam Bankman-Fried Says FTX Was Never Bankrupt
Key Takeaways:SBF Denies Bankruptcy Filing from PrisonClaims of Solvency and Liquidity StressDisputed Trial NarrativeCourt Findings and the $8 Billion Gap
The prosecutors of the U.S. demonstrated evidence that FTX used customer deposits inappropriately, transferring them to the Alameda Research, which resulted in the formation of an approximate shortage of 8 billion dollars. Bankman -Fried was found guilty of seven fraud and conspiracy counts by a jury, which resulted in serving a 25-year prison term. Court documents reported that FTX was highly insolvent after suppressed liabilities emerged. Although the bankruptcy estate has since recouped significant assets and creditors do anticipate receiving close to 100 percent back through future recoveries, judges have said that future recoveries do not alter the character of preceding wrongdoing.About Author
