FTX Bankruptcy: Unraveling the Chaos

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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• 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

• 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

• 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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