I'd argue balance sheet insolvency is really the most colloquial definition insolvency. You can always sell assets (at a haircut of course) to evade cash flow insolvency (arguably that's closer to illiquidity really), but you can't do anything to get out of balance sheet insolvency except restructure your liabilities.

Alameda being in balance sheet insolvency would depend on their assets taking enough of a hit to wipe out the equity buffer.

To Doug's point the junk tokens are likely at book value on their balance sheet