According to @PANewsCN, former FTX CEO Sam Bankman-Fried shared a report titled FTX: Where Did The Money Go? asserting that more than 7 million customers deposited about $20 billion into FTX in November 2022, the exchange filed for bankruptcy while owing customers $8 billion, and that the funds never disappeared (source: @PANewsCN on X, Oct 31, 2025; @SBF_FTX on X, Oct 31, 2025). The report claims all customers are set to receive 119%-143% recovery, about 98% of creditors have already received 120%, and even after paying $8 billion in claims and $1 billion in legal fees, the estate still shows an $8 billion surplus; it characterizes the episode as a liquidity crunch rather than insolvency (source: @SBF_FTX on X, Oct 31, 2025; @PANewsCN on X, Oct 31, 2025). For trading context, the FTX Debtors’ May 2024 plan projected cash repayments of roughly up to 118% for most customers and outlined distributions in cash rather than in-kind crypto, which means repayments do not require on-exchange crypto selling by the estate and reduces immediate market impact relative to large spot crypto liquidations (source: FTX Debtors plan and court filings, May 2024).