In the days after the fall of his crypto exchange, Sam Bankman-Fried opened a Google Doc and began to type. Beneath the title “probably bad ideas” he listed potential strategies, which included coming out as a Republican and arguing that “SBF died for our sins”. Mr Bankman-Fried ultimately decided against both, but there is one fiction he never let die. He has always claimed FTX was, in fact, solvent and could repay the $10.6bn it owed customers.