FTX’s former CEO claims crypto exchange is still solvent

Sam Bankman-Fried makes statement even as new boss begins formal bankruptcy process

Sam Bankman-Fried, the former chief executive of the collapsed crypto exchange FTX, has claimed the company he founded is still solvent, even as its new boss, who oversaw the final days of Enron, begins the formal bankruptcy process.

In a series of tweets posted overnight on Tuesday, Bankman-Fried insisted the company had about $9bn (7.6bn) of assets, in a mixture of semi-liquid and illiquid holdings, while owing customers only $8bn.