{"id":540642,"date":"2023-01-19T00:59:00","date_gmt":"2023-01-18T21:59:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sbf-says-sullivan-cromwell-contradicted-itself-with-insolvency-claims\/"},"modified":"2023-01-19T00:59:00","modified_gmt":"2023-01-18T21:59:00","slug":"sbf-says-sullivan-cromwell-contradicted-itself-with-insolvency-claims","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sbf-says-sullivan-cromwell-contradicted-itself-with-insolvency-claims\/","title":{"rendered":"# SBF says Sullivan &#038; Cromwell contradicted itself with insolvency claims"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3cd18a5ff6e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3cd18a5ff6e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sbf-says-sullivan-cromwell-contradicted-itself-with-insolvency-claims\/#%E2%80%9D_SBF_says_Sullivan_Cromwell_contradicted_itself_with_insolvency_claims_%E2%80%9C\" >&#8221; SBF says Sullivan &#038; Cromwell contradicted itself with insolvency claims &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SBF_says_Sullivan_Cromwell_contradicted_itself_with_insolvency_claims_%E2%80%9C\"><\/span>&#8221; SBF says Sullivan &#038; Cromwell contradicted itself with insolvency claims &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvMWM5NGRlNDktMzM3Ni00ZjY1LTg1ZmUtZjQ0MDI3ZjU2YmI4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Law firm Sullivan &amp; Cromwell have contradicted themselves when they claim that shuttered crypto exchange FTX.US is insolvent, according to former CEO Sam Bankman-Fried (also known as \u201cSBF\u201d) in a January 17 blog post that was shared on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">FTX US is solvent, as it always as been.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/XjcyYFsoU0\">https:\/\/t.co\/XjcyYFsoU0<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/kn9Wm9wxjl\">pic.twitter.com\/kn9Wm9wxjl<\/a><\/p>\n<p>\u2014 SBF (@SBF_FTX) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1615507065337958401?ref_src=twsrc%5Etfw\">January 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>The law firm was hired by FTX Group to handle the bankruptcy proceedings of several of its subsidiaries, including FTX International, Alameda Research, and FTX.US. However, Sam Bankman-Fried has stated on several occasions that he believes FTX.US is solvent and should not have declared bankruptcy. <\/p>\n<p>In a statement <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/restructuring.ra.kroll.com\/FTX\/Home-DownloadPDF?id1=MTQzODU2Mw==&amp;id2=-1\">filed<\/a> with the United States Bankruptcy Court for the District of Delaware on January 17, Sullivan and Cromwell reiterated its claim that FTX.US is not solvent, stating: \u201cThe assets identified as of the Petition Date are substantially less than the aggregate third-party customer balances suggested by the electronic ledger for FTX US.\u201d<\/p>\n<p>In his post, SBF denied this claim and stated that the law firm has contradicted itself:<\/p>\n<blockquote><p>\u201cLater in the same report, S&amp;C reveals that FTX US has an additional $428m USD in bank accounts, on top of the $181m of tokens\u2014for roughly $609m of total assets[\u2026]thus FTX US had at least $111m, and likely around $400m, of excess cash on top of what was required to match customer balances.\u201d<\/p><\/blockquote>\n<p>The former CEO concluded from this that, \u201cFTX US is solvent. Customers should be given access to their funds.\u201d<\/p>\n<p>SBF resigned as CEO of crypto exchange FTX on November 11, 2022, and John J. Ray III was <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointed as the company\u2019s replacement CEO. On December 13, SBF was charged with fraud by the U.S. Securities and Exchange Commission in connection with FTX\u2019s bankruptcy. The SEC alleged that he, \u201corchestrated a years-long fraud to conceal from FTX\u2019s investors[\u2026]the undisclosed diversion of FTX customers\u2019 funds to Alameda Research LLC, his privately-held crypto hedge fund.\u201d He has pled not guilty and is currently awaiting trial.<\/p>\n<p>After being released on bail, SBF began publishing blog posts on substack beginning on Jan. 12, but many in the crypto community have been unimpressed with his writings.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sbf-says-sullivan-cromwell-contradicted-itself-with-insolvency-claims\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SBF says Sullivan &#038; Cromwell contradicted itself with insolvency claims &#8220; Law firm Sullivan &amp; Cromwell have contradicted themselves when they claim that shuttered crypto exchange FTX.US is insolvent, according to former CEO Sam Bankman-Fried (also known as \u201cSBF\u201d) in a January 17 blog post that was shared on Twitter. FTX US is solvent,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":540643,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/1c94de49-3376-4f65-85fe-f44027f56bb8.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75917,117,71006],"class_list":["post-540642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-exchanges","tag-business","tag-fraud"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/540642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=540642"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/540642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/540643"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=540642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=540642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=540642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}