In a heated dispute over FTX's bankruptcy case, BitMEX Research doubts claims made about creditor repayment aided by Sam Bankman-Fried's investments. BitMEX's research arm questions FTX's assertion that payments were possible through investments orchestrated by Bankman-Fried via Alameda.

The disagreement stems from a report by Puck, which highlighted Sullivan & Cromwell's submission of a draft plan aiming to reimburse customers and creditors with a surplus. FTX proposed a reimbursement of $15 billion, exceeding the claimed $12 billion. Allegedly, this was due to investments by Bankman-Fried through Alameda.

However, BitMEX Research challenges this narrative, suggesting that the apparent reimbursement was a result of a market downturn triggered by FTX's failure, rather than successful investments by Bankman-Fried.

BitMEX Research states, "Customers got 'all of their money back' because the mark price of customer assets at the bankruptcy point was low, caused by the FTX failure, not because of Sam's 'great' investments." Additionally, the significant difference between FTX's claim window pricing and current market rates supports BitMEX's argument.

FTX's claim window in March 2024 showed much lower pricing compared to current market rates, prompting backlash and raising concerns about the fairness and transparency of the bankruptcy proceedings.

In April 2024, FTX and its affiliate Alameda Research underwent substantial liquidation of their cryptocurrency assets, totaling $98 million. FTX sold its Solana (SOL) holdings to repay clients, potentially maintaining selling pressure in the future.

Wallets linked to FTX and Alameda Research initiated liquidations totaling $97.35 million in the past month, as reported by blockchain analytics firm Arkham Intelligence. FTX's portfolio includes assets like BOBA and ETH, while Alameda Research holds positions in various assets like WLD, BIT, BTC, and STG, with a risk of divesting stakes due to the bankruptcy liquidation plan.