The untangling of what was just recently one of the most well-funded startups in the world is playing out in a courtroom for all to see.
Those overseeing the carnage of what is left of FTX have made it crystal clear what it is we are dealing with: “You have witnessed probably one of the most abrupt and difficult collapses in the history of corporate America,” James Bromley, an attorney of Sullivan & Cromwell and one of a handful of lawyers representing FTX, said in FTX’s first bankruptcy hearing near the end of November. For those of us who couldn’t attend the hearing in person, a two-hour recording was just published in court documents at the end of last week, laying bare how 260 FTX employees and a slew of well-tenured bankruptcy and liquidation experts, lawyers, and criminal investigators are trying to salvage pieces of Sam Bankman-Fried’s crypto empire in an effort to make its customers whole.
