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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- 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
- 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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