They levered into wrong-way bets into the crypto winter while stealing the money for yachts and effective-altruism philanthropy and political donations. This wasn’t a Madoff-type leak and confession. Their risk setting didn’t permit a world in which they didn’t blow up.

This "not doing well" is being three times higher than at the time of FTX collapse.

A fraudulent bank is one that doesn't have enough liquidity or assets to cover all their obligations. Mt Gox and FTX were perfect examples of this.

The fact that some of their assets went up in the years or decades since is irrelevant. Madoff would probably be in the green now, too, simply thanks to asset inflation.

Like the customers were largely owed _not_ USD and so compared the USD value owed _4 years ago_ to the _current day_ USD value of something else that wasn't owed is just not correct.

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To do some of the math, assuming all the funds owed were bitcoin then 9 Billion / $17,000 ~= 47 thousand BTC owed.

At current $64k/BTC prices that's roughly $30 Billion. Which while still lower than $75B is much higher than just $9B and doesn't excuse SBF from fraudulently and very publicly claiming that all the money invested as backed 1:1 when it wasn't.

I also don't know how much more FTX's stake would be diluted as well and another commentator talked about nearly half so then it might not cover the "actual" owed value.