Corporate bankruptcies are usually pretty dull affairs. That's not the case with FTX, which until two weeks ago was seen as the golden child of cryptocurrency, but now appears to have been a giant Ponzi scheme.
All this has led FTX's new caretaker CEO, John Ray III, to declare this the worst trainwreck he has ever seen. And that's really saying something, since Ray is a restructuring expert who has presided over some of the most infamous bankruptcies in history—including energy giant Enron in 2001, a comparison that some onlookers have made, notably including former Treasury Secretary Larry Summers.
