FTX founder Sam Bankman-Fried (SBF) said on Jan. 17 that FTX.US was solvent, adding that customers should be given access to their funds.

SBF was reacting to new revelations made by the FTX management about the shortfalls in the U.S. subsidiary.

The claims are “misleading” because it does not consider the $428 million in the exchange’s bank accounts as an asset, according to SBF. He argued that FTX.US has at least $111 million and roughly $400 million excess cash to match customer balances.

SBF said in his substack report that the management did not define the kind of assets they found to be “substantially less,” nor did they specify if the customer balances included non-USD balances.

(By Oluwapelumi Adejumo)