Hey there, crypto enthusiasts. If you've been following the wild ride of meme tokens and the broader blockchain world, you probably remember the FTX meltdown like it was yesterday—even though it's been a couple of years. Recently, a tweet from Sam Bankman-Fried (SBF), shared via a friend since he's currently serving time, stirred things up again. He dropped a link to a PDF report titled "FTX: Where Did The Money Go?" claiming the exchange was never actually insolvent. Then, @0xngmi from DefiLlama chimed in with a sharp take, pointing out that if users got their tokens back in-kind, they'd be looking at around $23 billion in today's prices—making the bankruptcy repayments look like pocket change.

Let's break this down step by step, especially focusing on how this ties into meme tokens like FTT, SRM, and others that got caught in the crossfire. I'll keep it straightforward, explaining any jargon along the way.

The SBF Report: Was FTX Really Broke?

SBF's report, which you can check out here, argues that FTX faced a liquidity crisis in November 2022—not a full-blown insolvency. Liquidity crisis means the exchange had assets but couldn't quickly turn them into cash to meet withdrawal demands, kind of like a bank run in the crypto world. According to SBF, over seven million customers had deposited about $20 billion, but when panic hit, FTX filed for bankruptcy with $8 billion still owed.

He blames the lawyers handling the bankruptcy for mishandling assets, like selling off investments at fire-sale prices and racking up huge fees. The report claims these moves led to $138 billion in "lost value" that could have gone back to users and investors. Notably, it calls out the estate for treating FTT—FTX's native token—as worthless, even though it still trades today with a market cap over $300 million.

In the document, SBF points to about $5.5 billion in liquid assets identified early on, including cash, real estate in the Bahamas, and stakes in companies like Anthropic and Solana. He insists FTX was on track to resolve the shortfall by the end of that month, but external counsel seized control and pushed it into bankruptcy anyway.

The Bankruptcy Table: A Snapshot of the Shortfall

To back up his points, the thread includes a table from the bankruptcy filings showing customer liabilities versus assets at the time. It's broken into categories, with "Category A" covering major tokens like USDT stablecoins, BTC, ETH, and SOL, and "Category B" hitting the smaller, often meme-adjacent tokens like FTT, MAPS, SRM, FIDA, and MEDIA.

Here's a quick markdown table recreation for clarity:

Token	Customer Payables ($M)	Located Assets ($M)	Customer Receivables ($M)	Total Assets ($M)	(Deficit)/Surplus ($M)
Category A
Cash/Stablecoin	6,991	270	310	580	(6,411)
BTC	1,591	1	5	6	(1,585)
ETH	922	9	42	52	(870)
SOL	118	2	7	9	(109)
XRP	93	12	3	14	(79)
BNB	68	5	2	7	(61)
MATIC	65	45	1	46	(19)
TRX	62	18	2	20	(43)
All Other	635	334	11	345	(290)
Total Category A	10,544	694	383	1,078	(9,466)
Category B
FTT	441	130	0	130	(312)
MAPS	96	1,004	-	1,004	909
SRM	56	157	1	158	102
FIDA	4	59	0	59	55
MEDIA	0	38	-	38	38
All Other	93	72	1	73	(19)
Total Category B	690	1,461	2	1,462	773
Total	11,233	2,155	385	2,540	(8,693)

This table uses November 2022 prices, showing an $8.7 billion deficit overall. But notice Category B: while FTT had a big deficit, tokens like MAPS and SRM actually showed surpluses. These are often lower-liquidity tokens tied to the Solana ecosystem, which some folks lump into the meme token category due to their volatile, community-driven nature.

@0xngmi's Take: In-Kind Repayment Would Be Worth $23 Billion Today

Enter @0xngmi, who runs the show at DefiLlama—a popular dashboard for tracking decentralized finance metrics. He quotes SBF's tweet and fires back: if FTX had returned tokens in-kind (meaning if you had 1 BTC on FTX, you get 1 BTC back, not its dollar value at bankruptcy time), the total value at current prices would be around $23 billion. That's more than double the original liabilities!

Why? Crypto prices have skyrocketed since 2022. Bitcoin's up massively, ETH too, and Solana-based tokens like SOL have exploded. Meme tokens in Category B, like SRM (from the now-defunct Serum project), might not have fared as well, but FTT holders could argue they missed out on any potential recovery rallies.

This highlights a big debate in crypto bankruptcies: fiat payouts (in dollars) versus in-kind. Fiat locks in the value at collapse time, which feels unfair when assets pump later. @0xngmi calls the "full repayment" narrative a joke, echoing sentiments from users who feel the process shortchanged them.

What This Means for Meme Token Holders

For those deep in meme tokens, this saga is a cautionary tale. FTT started as an exchange utility token but morphed into something memey post-collapse, with traders speculating on its revival. The report slams the estate for dumping it as worthless, yet it's still kicking with real market value. If you're holding similar tokens on exchanges today, this reminds us to consider self-custody—keeping your assets in your own wallet to avoid these messes.

Critics like ZachXBT, a well-known blockchain investigator, aren't buying SBF's spin. He argues the repayments were based on 2022 prices, and any asset appreciation now is just luck, not proof of solvency. The community backlash in the thread replies shows ongoing frustration: one user calls it "copium," another blames FTX for giving crypto a bad name.

Wrapping Up: Lessons from the FTX Fallout

Whether you buy SBF's narrative or side with @0xngmi, this thread reignites questions about accountability in crypto. Meme tokens, with their high-risk vibes, amplify these issues—volatility can turn deficits into surpluses overnight, but bankruptcies freeze everything in time. If you're building or trading in blockchain, stay informed, diversify, and maybe keep an eye on DefiLlama for transparent data.

What do you think—should bankruptcies allow in-kind repayments? Drop your thoughts in the comments below. And if you're new to meme tokens, check out our knowledge base for guides on spotting the next big thing without getting rekt.