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A brief update on FTX - Episode 362 - by cryptohunt.it
Manage episode 355637528 series 3330746
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A brief update on FTX
Welcome to the Cryptohunt Jam, where you learn – in just a minute or two a day – what is happening in crypto and other game-changing ideas. As always: In plain English.
It’s been pretty quiet around FTX and Sam Bankman-Fried, hasn’t it? But don’t let the silence fool you: The real work is just getting started behind the scenes. So let’s catch you up on where things are because it’s still quite a while until Bankman-Fried’s trial starts on October 2nd this year.
Right now, FTX lawyers are incredibly busy behind the scenes recovering as much money as they can. What separates a great bankruptcy team from a bad one is basically just one skill: How much money they are able to claw back to give to those that the bankrupt company owes.
With FTX, they have their work cut out for them. You may remember that SBF was once called crypto’s white knight because he bailed failing crypto companies out with billions in investments.
One of the more interesting cases is that of Modulo capital, a tiny hedge fund that somehow got a $400 million investment from SBF.
Now, you are probably asking yourself: If SBF invested that money long before he got into trouble, doesn’t it belong to the hedge fund then, fair and square?
Yes, in theory, but things are complicated. The fact that Modulo is negotiating the return of the money probably means that they suspect that Bankman-Fried got it illegally in the first place. And instead of ending up entangled in endless legal fights with all the people who got hurt by FTX, the Modulo team probably decided to give it back in return for a legal agreement that FTX’s new bankruptcy management won’t come after them.
And if you think $400 million is a good chunk of money, hold your breath – word on the street is that the bankruptcy lawyers are trying to recover over $4bn, which is a crazy 10 times that. You can see, a lot is indeed going on behind the scenes. We’ll keep you updated.
I hear you back here next Monday. 5 times a week, like every week!
This podcast is produced by Cryptohunt.it, the easiest place to learn all about Web3.
Copywriting is done by Arndt Voges, Social Media is done by Brett Holleman, design is done by Carmen Rincon, and my name is Christian Byza, Co-Founder of Cryptohunt and I am your host of this daily show.
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