Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insights on policy and regulation.
Since it took over the smoldering wreck of the crypto empire in November, the FTX bankruptcy estate led by John Ray III has been methodically launching lawsuits to recover hundreds of millions of dollars from former executives and companies that had been the recipients of the exchange's riches. The complaints have often seemed like PR campaigns in their own right, packed with juicy details about the excesses and failures of Sam Bankman-Fried's inner circle. None have matched the revelations of yesterday's bombshell.
