Wassielawyer, a lawyer specializing in restructuring and insolvency, explains the first declaration from new FTX CEO John Ray in the company’s bankruptcy case.
- 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 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