From 3AC to FTX (and possibly more to come), it’s boom times for those trading crypto bankruptcy claims. Thomas Braziel, founder and CEO of 507 Capital, gives a crash course on bankruptcy law, offering the latest updates on the FTX, Celsius, and Three Arrows Capital cases. Plus, insight on how 2023 could finally be the year Mt. Gox creditors get (some) closure.

Show highlights:

how Tom got into crypto with the Mt. Gox bankruptcy and whether "crypto distressed" is an emerging asset class

how buying bankruptcy claims is also a way to buy crypto assets at a discount

how to determine how much value creditors are owed in a crypto bankruptcy

what the marketplaces for buying and selling claims are like

whether it's possible to tokenize bankruptcy claims

whether crypto tokens should be treated as property

what is likely to happen when Mt. Gox creditors are returned their BTC

the importance of Celsius' separation of custodial assets vs. assets in interest-bearing accounts

the likelihood of Celsius being acquired

why the fact that FTX recovered $5 billion in assets is "amazing"

why so many stakeholders disputed the ownership of the $450 million in Robinhood shares

why there's so much difference in the prices of FTX, Voyager, BlockFi and Celsius claims

whether the customer list of FTX should be kept private

what type of creditors are Gemini Earn customers



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Links

Guests:
Thomas:

Twitter

507 Capital

Previous appearances on Unchained:

Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In

Will Celsius Survive the Bankruptcy Process?


Episode Links: 
Celsius

Reuters:

U.S. judge says Celsius Network owns most customer crypto deposits

Celsius bankruptcy judge orders return of some crypto assets to customers


Bloomberg: Bankrupt Crypto Lender Celsius Receives Multiple Bids for Retail and Mining Assets



FTX


Unchained: 

DOJ Seizes $450M in Robinhood Shares from FTX

Bankrupt FTX Recovers Over $5B Worth of Assets: Report




CoinDesk: 


FTX Creditor Claims Going for 13 Cents on the Dollar on Bankruptcy Marketplace Xclaim

After Bankruptcy, FTX User Claims Pay Cents on the Dollar


Fortune: Sam Bankman-Fried's lawyers just filed a claim to keep his $450 million in Robinhood shares



Reuters: U.S. Trustee files objection to FTX's planned asset sales


Thomas Braziel’s prediction on the FTX claims


Connor Grogan’s take on the $5 billion in assets 




DCG/Gemini:

Unchained: Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster


3AC
Kyle Davies’ comments


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