I just saw a very interesting document related to SBF and the situation of that exchange that recently collapsed. According to what was published by an account linked to him, they are arguing that there was actually never insolvency, but rather a liquidity problem that was worsened by questionable legal decisions.

The curious thing is that in the 15-page document, they mention quite specific figures: they say they had $25 billion in assets and $16 billion in equity against $13 billion in liabilities at the end of 2022. And here comes the controversial part: they estimate that if those assets had a hypothetical value of $136 billion today, they could have fully paid the creditors.

But not everyone agrees with this narrative. Blockchain researchers like ZachXBT have pointed out that the creditors were paid with crypto prices from 2022, which were quite low, resulting in significant losses for them. That is, although the mathematical argument makes sense, the reality was different for those who lost money.

At the core, the debate remains the same: was it really an insolvency problem or was it poor management throughout the bankruptcy process? Because depending on how you look at it, both things seem to have played an important role in what happened. The community remains divided on this.