It's very different. Pre-bankruptcy FTX would have owed crypto, so increases in crypto prices (other than FTX's own bespoke "token") would not have helped. Post-bankruptcy, FTX owes cash based on historical (lower) crypto prices. So no, SBF is not quite right.
They lost a ton of their customers' crypto. They're paying people back in cash at prices that are now 1/3 or less of the value of the crypto that customers deposited with them.
Per the very short article, the assets are not crypto. It even says the crypto is missing, which is interesting.
"it has been gathering the funds to pay its debts by selling assets investments held by Alameda Research or FTX Ventures businesses ... almost all of the Bitcoin and other digital currencies believed to have been held by the exchange at the time of its collapse were missing"
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