Wassielawyer, a lawyer specializing in restructuring and insolvency, explains the first declaration from new FTX CEO John Ray in the company’s bankruptcy case.
Show highlights:
why CEO Ray said there's been a complete failure of corporate controls in FTX
how there was no separation of accounts between Alameda and FTX
whether FTX US customers are in a better position to recuperate their assets
why FTX's Bahamas unit is seeking protection under chapter 15 of the US bankruptcy code
why there's a jurisdictional battle, according to Wassie
whether the Bahamian government is responsible for letting deposits out of the platform
how former CEO Sam Bankman-Fried is trying to save the company
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Wassielawyer:
Twitter
Thread on community buyout
Previous Unchained episodes:
Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years
Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?
Episode Links
Previous coverage of Unchained on FTX:
The Chopping Block: Why Lenders Didn’t Liquidate Alameda When It Was Underwater
Erik Voorhees and Cobie on Why FTX Loaned Out Customers’ Assets
The Chopping Block: FTX: The Biggest Collapse in the History of Crypto?
Sam Bankman-Fried on How to Prevent the Next Terra and 3AC
FTX Collapse:
First declaration document
FTX filed for Chapter 11 bankruptcy protection.
FTX Wasn’t Authorized to File for US Bankruptcy: Bahamas Liquidators
Vox interview with SBF
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