SBF: FTX US Remains Solvent, S&C Failed to Account for $428M in FTX US Bank Accounts as Assets

SBF said in Substack that some of the content published by New York law firm Sullivan & Cromwell (S&C) about FTX US is extremely misleading, and S&C claims that FTX US has a "funding shortage." SBF said that FTX US was and is solvent and may have hundreds of millions of dollars in excess of client balances. In S&C's formal submission to Delaware Chapter 11 court, S&C failed to account for $428 million in FTX US bank accounts as assets, and FTX US had at least $111 million in addition to the funds needed to match customer balances. billion (probably around $400 million) in excess cash.