Sam Bankman-Fried says FTX US is fully solvent, withdrawals could open today

Sam Bankman-Fried, popularly known as SBF, told New York Times’ Andrew Ross Sorkin that FTX US customers could be made whole soon. SBF claims that these entities: FTX US and FTX US derivatives, formerly known as LedgerX, could be “up and running soon.”

Also read: FTX’s ex-CEO Sam Bankman-Fried confesses failure of oversight, says “unknowingly commingled funds”

Sam Bankman-Fried claims withdrawals could open at FTX US

Sam Bankman-Fried, co-founder and the former CEO of FTX exchange, spoke to Andrew Ross Sorkin of “The New York Times’ DealBook.” SBF made a virtual appearance at the media company’s DealBook Summit and assured FTX US users that withdrawals could open soon. 

SBF has been vocal about the fall of his crypto empire, the liquidity crisis and failed attempts at getting FTX exchange and its subsidiaries bailed out. The former FTX CEO has apologized to users and finally stepped into the media spotlight from the Bahamas on November 30. 

Andrew Ross Sorkin asked SBF a host of questions on risk management, regulation, real-estate in the Bahamas and FTX entities’ solvency. Commenting on FTX US exchange platform, SBF said, 

The US platform—the US regulated platform with American users—to my knowledge, that’s fully solvent. That’s fully funded and I believe that withdrawals could be opened up today and everyone could be made whole from that.

LedgerX could be up and running soon 

Sam Bankman-Fried’s FTX US acquired LedgerX in October 2021. SBF renamed LedgerX as FTX US Derivatives. The exchange platform offers cryptocurrency futures, options, and swaps. When FTX exchange went bankrupt, LedgerX was one of the entities that remained solvent. 

Commenting on the future of LedgerX, co-founder of the FTX empire said that FTX US derivatives could “even be up and running right now.” According to a Bloomberg report, FTX US derivatives made $175 million available for use in the FTX’s bankruptcy proceedings. The derivatives platform therefore offered a crumb of support to FTX, that owes $3.1 billion to its top 50 creditors.