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The Chopping Block: Are VCs Bad for Crypto? - Ep. 481
Unchained
The Impact of the FTX Debt Token on Creditors
The idea is that you basically get like a debt token and that token corresponds to your residual balance at FTX at the time of the bankruptcy, but they're not actually worth a dollar per claim. And so there was like a marketplace and people could like, you know, buy and sell these tokens. And then over time, the value of the token eventually went up. So instead of being 70 cents on the dollar, it was like $1. The vast majority of creditors of FTX are not accredited. They can't actually convert into equity on the cap table.
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