Sam Bankman-Fried Doubles Down on FTX Solvency Claim in Aggressive Clemency Bid
Sam Bankman-Fried isn't backing down. The former crypto mogul continues to push his narrative that FTX was solvent at the time of its collapse—a claim that forms the cornerstone of his aggressive legal strategy for clemency.
The Core of the Defense
Bankman-Fried's legal team argues that a coordinated market panic, not a fundamental lack of assets, triggered the exchange's downfall. They point to internal valuations and snapshot balances from November 2022, attempting to reframe the narrative from one of fraud to one of unfortunate liquidity timing. It's a high-stakes gamble, betting that redefining 'solvency' can outweigh the mountain of customer losses.
A Calculated Narrative Shift
This isn't just about legal definitions; it's a public relations war. By persistently claiming solvency, SBF aims to sow enough doubt to influence both public perception and judicial sentiment. The strategy leans heavily on complex financial reconstructions—the kind of spreadsheet alchemy that makes traditional finance veterans roll their eyes. After all, on Wall Street, if you can't meet your liabilities, you're insolvent, no matter what your theoretical asset column says.
The Uphill Battle
Prosecutors have painted a starkly different picture, one of commingled funds, lavish spending, and an $8 billion shortfall. The clemency push hinges on convincing the court that this gap was a temporary, fixable flaw rather than a systemic failure. It's a provocative argument that challenges the very foundation of the guilty verdict, suggesting the disaster was a bank run, not a house of cards. Whether the court buys this revisionist history remains the billion-dollar question.
A new token was created, right after Sam Bankman-Fried signed himself as the CEO of FTX 2.0. For now, the token trades with extremely low liquidity. | Source: DexScreener
The token is more of a novelty, with just $30K in liquidity. The token is in its initial hours of trading and is actively promoted, aiming to rally a community behind the idea of giving Bankman-Fried influence in the crypto space another spin.
As with other new tokens, FTX 2.0 may have a brief life as a short-term meme or pick up based on community enthusiasm.
Sam Bankman-Fried points to potential unrealized gains
Bankman-Fried did not focus on crypto alone. He mentioned that the Anthropic stake alone WOULD have a fair value of $30B based on current valuations once the company completes its funding.
In total, the FTX liquidation distributed between $14B and $16B to creditors, after rapidly selling off crypto assets. At the same time, Bankman-Fried estimated that as of September 2025, the exchange sat on up to $136B, if taking into account the new value of assets.
https://t.co/0InmA4czLx pic.twitter.com/nXMb1d4Zyv
— SBF (@SBF_FTX) February 13, 2026
Despite the early calls and stakes in key companies, Bankman-Fried is still locked in a 25-year sentence, finding no leniency with the Biden administration. The main goal of the recent solvency claims is to call for a new trial and a new look at the exchange’s holdings.
Bankman-Fried also spread a new document from his side of the case, with no official presentation. The document is supposed to give clarity on the assets deposited and contained within FTX and potentially available to continue operations.
Sam Bankman-Fried seeks leniency with the Trump administration
The activities of FTX were often linked to donations and effective altruism. Bankman-Fried was known for generous political donations, for an estimated amount of up to $100M. Most went to Democrat causes, with smaller donations for Republicans.
Despite this, the Biden administration took into account the rapid crash of value on FTX, leading to a filing for bankruptcy without the input of Bankman-Fried.
Bankman-Fried even praised the more lenient approach of the TRUMP administration, which brought Polymarket and other crypto companies back on US soil. Despite never being in full support of Republican ideas, the FTX founder seems to have switched allegiance, at least when it comes to crypto regulations.
Earlier, Bankman-Fried directly said Biden had “bungled” crypto.
Odds of pardoning Bankman-Fried rise over 20%
The ongoing, rather loud campaign from Bankman-Fried has moved the needle on the odds of being pardoned, at least by the end of 2027.
On Polymarket, the odds ROSE up to 22% in the past few days, coinciding with the social media noise. However, the market remains small, with under $17,000 in value locked.
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