FTX's bankruptcy left hundreds of thousands of customers waiting for money while nearly $1 billion goes to legal fees. Inside the convoluted process of the FTX Bankruptcy.
Investigative reporters Jonathan & Sophie dive much deeper into what happened *after* SBF was ousted. Hundreds of thousands of individual customers became creditors, getting paid in dollar values from the bankruptcy filing date when the market bottomed out (Meanwhile, nearly $1 billion in fees went to the bankruptcy process expenses) When you're waiting for money and told you won't get it back while watching massive fee statements pile up, something feels really wrong.
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Notes:
• FTX had hundreds of thousands of individual creditors
• Creditors repaid in bankruptcy filing at market low
• Nearly $1 billion total in bankruptcy fees
• Sullivan and Cromwell among multiple firms paid
Timestamps:
00:00 Start
02:56 Beginning the investigation
05:37 Interviewing SBF
08:21 Beginning bankruptcy
10:23 The bankruptcy claim experience
13:30 Who handled the bankruptcy?
16:08 What were the FTX assets?
17:35 A complicated portfolio
20:07 Bankruptcy firm double dipping?
22:50 Customer questions
27:56 Are these fees normal?
33:19 Reimbursements to date
35:33 BTC go up
36:58 What's next?
39:35 Next step for journalists?
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