Wassielawyer, a lawyer specializing in restructuring and insolvency, and Thomas Braziel, founder and CEO of 507 Capital, talk about the bankruptcy of FTX.
Show highlights:
- what the bankruptcy process of FTX is expected to look like
- why FTX got to the the point of filing for bankruptcy protection
- why Wassie thinks Alameda is dead
- why FTX filed for bankruptcy in the US given that it’s a Bahamian company
- how FTX’s balance sheet is composed and whether it includes Alameda
- whether Justin Sun will be dragged into the bankruptcy
- how FTX’s terms of service differ from Celsius’s and Voyager’s
- how the $600 million hack affects the bankruptcy proceeding
- whether it’s worth it to spend millions of dollars in law firms to go after the hacked money
- what’s the impact of the 192 million FTT tokens that were printed Saturday night
- what will happen with the fork of Serum and the forked tokens
- the consequences for all the projects that FTX invested in
- why Wassie thinks that tokenizing the liabilities could be a good potential solution
- how the FTX’s bankruptcy affects Voyager’s proceedings and customers
- whether FTX’s bankruptcy has put BlockFi in trouble
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Crypto.com Chainalysis MinimaWassielawyer:
- Thread on community buyout
- Previous Unchained episodes:
- Why the Messy 3AC, Celsius, and Voyager Bankruptcies Will Drag on for Years
- Three Crypto Bankruptcies: 3AC, Celsius and Voyager. What Happens Now?
Thomas:
- 507 Capital
- Previous Unchained episodes:
- Will Celsius Survive the Bankruptcy Process?
Episode Links
Previous coverage of Unchained on FTX:
- 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:
- FTX filed for Chapter 11 bankruptcy protection
- Sam Bankman-Fried built a “backdoor” to his FTX exchange to change financial records and move funds without alerting others.
- $600 million hack
- Unchained coverage:
- The Bahamas Loophole: FTX Users Buy KYC Accounts to Withdraw Crypto
- Could FTX’s Bankruptcy Trigger a Domino Effect?
- FTX May File for Bankruptcy After Binance Walks Off the Deal
- FTX Needs $8B to Meet Investor Withdrawals: Report
- Tron Founder Justin Sun Says He Is Working With FTX on a Solution
- US DOJ Joins SEC and CFTC Probe of FTX
- FTX-Issued Wrapped Solana Tokens Could Add to DeFi Contagion: wBTC Creator
- Sequoia Capital Writes Off $214M FTX Investment to Zero
Contagion:
- Serum Fork in the Works Amid Fears That FTX-Owned Upgrade Keys Are Compromised
- BlockFi Halts Withdrawals Amid FTX Crisis
- Voyager had to reopen the bidding process for its assets
Read the episode transcript here
