FTX Could Be Worth Over $100 Billion Today If Fraud Had Never Been Exposed

The collapsed cryptocurrency exchange FTX, which officially went bankrupt in 2024, could theoretically be valued at more than $100 billion today if its financial misconduct had not been uncovered. The estimate is based on the dramatic appreciation of several technology and artificial intelligence companies previously held in its investment portfolio.

Recent figures circulating online were shared through an account associated with FTX founder Sam Bankman-Fried, who is currently serving time in the United States.

The controversy stems from the fact that many of these investments were allegedly funded using customer deposits. In practice, this meant that the digital assets traded on the platform were not fully backed, creating a severe distortion in the market.

Reassessing FTX’s Missed Valuation

Following the collapse of the exchange, triggered by a liquidity crisis and a wave of withdrawal requests, investigations revealed that the company was insolvent at the time of its failure. If the scheme had gone undetected, FTX may have continued operating without immediate disruption.

Interestingly, several of the firm’s early-stage investments have since experienced exponential growth, particularly within the artificial intelligence sector.

One of the most notable examples is Anthropic, whose valuation reportedly surged around 165 times. Based on current estimates, FTX’s stake in the company alone could now be worth approximately $82 billion.

Another case involves early investments in emerging tech startups such as Cursor, where relatively small initial positions reportedly ballooned into multi-billion-dollar valuations.

Debate Over Responsibility and Investor Funds

Some recent commentary attributed to Bankman-Fried has reignited debate around the collapse, with statements suggesting that certain creditors made poor decisions during asset liquidation periods. However, these claims have not changed the legal findings surrounding the case.

Authorities maintain that customer funds were improperly used to finance high-risk investments, rather than being held securely for trading purposes as promised.

At the time of bankruptcy, FTX reportedly held around $9 billion in assets. Based on current valuations of its former portfolio, estimates suggest that figure could now exceed $114 billion under hypothetical conditions.

A Hypothetical Outcome With No Collapse

In a purely theoretical scenario where no fraud was uncovered, FTX might have had sufficient capital to cover all customer withdrawals and continue operations.

However, regulators and investigators emphasize that such valuations are speculative and ignore the fundamental issue: the misuse of client funds.

The case remains one of the most significant financial collapses in the cryptocurrency industry, reshaping global discussions around exchange transparency and regulatory oversight.