Just as the crypto market was moving forward with ETF approvals and institutional adoption, the ghost of 2022 has returned to haunt the headlines. Sam Bankman-Fried (SBF), the disgraced founder of FTX, has made a shocking public statement that challenges the entire narrative of the exchange's collapse.
In a breaking update reported by Watcher Guru (Feb 10, 2026), SBF stated explicitly: "FTX was never bankrupt. I never filed for it."
The Accusation A Bogus Bankruptcy
SBF’s claim is not just a denial; it is a direct accusation of criminal misconduct against the legal team that took over his company.
According to the tweet and legal documents shared in the report, SBF alleges:
The lawyers took over the company and 4 hours later they filed a bogus bankruptcy so they could pilfer it for money.
Translation: SBF is claiming that FTX actually had enough assets to pay customers, but the law firm (Sullivan & Cromwell) forced the bankruptcy solely to generate hundreds of millions of dollars in legal fees for themselves.
JUST IN: Sam Bankman-Fried says "FTX was never bankrupt. I never filed for it." pic.twitter.com/BrItUnNVCz
— Watcher.Guru (@WatcherGuru) February 10, 2026
The Sullivan And Cromwell Connection
The document shared by SBF highlights a specific conversation with "Mr. Miller" (likely a lawyer). SBF claims he told them:
- FTX US was Solvent: There was enough cash to pay everyone.
- No Need to File: He explicitly instructed them not to file for Chapter 11.
- The Coup: Despite his orders, he alleges the lawyers installed their own CEO ("S&C guy") to run the company and pushed the bankruptcy button anyway.
If this narrative gains traction, it shifts the blame from "SBF the Fraudster" to "Wall Street Lawyers looting a Crypto Company."
Why This Matters Now?
You might ask, "SBF is already convicted, why should we care?" Because billions of dollars are still stuck in bankruptcy proceedings.
- If FTX was solvent: The bankruptcy lawyers have been draining customer funds for years under false pretenses.
- The Solana Connection: FTX was the biggest backer of Solana ($SOL). We recently reported that Solana crashed under $70. If it turns out FTX's assets were mishandled by liquidators, it could explain why so much SOL was dumped on the market aggressively, crashing the price.
The "Cover-Up" Theory
Crypto Twitter is already buzzing with conspiracy theories. Many users have long suspected that the swift collapse of FTX was suspicious.
- Was SBF framed? (Unlikely, given the fraud evidence, but this new claim adds complexity).
- Did lawyers intentionally destroy the company to feast on the carcass? (A common criticism of corporate bankruptcy law).
SBF is essentially saying: "I didn't lose your money. The people you hired to fix it stole it."
Conclusion
Sam Bankman-Fried may be down, but he is not silent. This latest bombshell reopens the wounds of 2022. While the courts have already ruled on his fraud, the court of public opinion is now being asked to judge the lawyers. Is this a desperate attempt by a convict to save face, or is there a dark truth about the bankruptcy industry hidden in those documents?
