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This Week on Unchained: FTX ́s Downfall, $44 Billion in Claims, and More! 💸💸

May 13, 2023

Longtime crypto reporter Brady Dale has beat Michael Lewis to market with the first book on the dramatic collapse of FTX. In stores today, “SBF: How the FTX Bankruptcy Unwound Crypto’s Very Bad Good Guy,” tells the tale of the outsized role that Sam Bankman-Fried played in the FTX-Alameda death spiral.

Drawing on years of reporting and interviews with SBF himself, the book charts the rise and fall of the one-time crypto wunderkind. “It became clear to me that Sam got really addicted to fame,” said Dale.

In today's episode of Unchained, Wassielawyer joins us to address the escalating situation surrounding the FTX bankruptcy estate. A staggering $44 billion in claims has been staked by the IRS, setting off alarm bells for the anxious creditors of the now-defunct cryptocurrency exchange.

As Wassielawyer aptly puts it, “The $44 billion in IRS claims will certainly be defended and litigated.” This impending legal battle, sure to be both intricate and contentious, may drastically affect the chances of FTX customers recouping their investments.

Wassie also goes over the “trust argument,” rooted in FTX's terms of service. He debunks the notion that it's a quick fix, highlighting the argument's complexity and potential ramifications on asset retrieval amid the bankruptcy proceedings.

On Unchained Premium 💎

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