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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Wassielawyer:
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
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


FTX Collapse:
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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