How Crypto Bankruptcy Claims Buyers Will Profit From the Collapse of FTX - Ep. 444

From 3AC to FTX (and possibly more to come), it’s boom times for those trading crypto bankruptcy claims. Thomas Braziel, founder and CEO of 507 Capital, gives a crash course on bankruptcy law, offering the latest updates on the FTX, Celsius, and Three Arrows Capital cases. Plus, insight on how 2023 could finally be the year Mt. Gox creditors get (some) closure.

Show highlights:

how Tom got into crypto with the Mt. Gox bankruptcy and whether "crypto distressed" is an emerging asset class

how buying bankruptcy claims is also a way to buy crypto assets at a discount

how to determine how much value creditors are owed in a crypto bankruptcy

what the marketplaces for buying and selling claims are like

whether it's possible to tokenize bankruptcy claims

whether crypto tokens should be treated as property

what is likely to happen when Mt. Gox creditors are returned their BTC

the importance of Celsius' separation of custodial assets vs. assets in interest-bearing accounts

the likelihood of Celsius being acquired

why the fact that FTX recovered $5 billion in assets is "amazing"

why so many stakeholders disputed the ownership of the $450 million in Robinhood shares

why there's so much difference in the prices of FTX, Voyager, BlockFi and Celsius claims

whether the customer list of FTX should be kept private

what type of creditors are Gemini Earn customers

Thank you to our sponsors!
Crypto.com
DeFi Saver

Links

Guests:
Thomas:

Twitter

507 Capital

Previous appearances on Unchained:

Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In

Will Celsius Survive the Bankruptcy Process?

Episode Links: 
Celsius

Reuters:

U.S. judge says Celsius Network owns most customer crypto deposits

Celsius bankruptcy judge orders return of some crypto assets to customers

Bloomberg: Bankrupt Crypto Lender Celsius Receives Multiple Bids for Retail and Mining Assets

FTX

Unchained: 

DOJ Seizes $450M in Robinhood Shares from FTX

Bankrupt FTX Recovers Over $5B Worth of Assets: Report

CoinDesk: 

FTX Creditor Claims Going for 13 Cents on the Dollar on Bankruptcy Marketplace Xclaim

After Bankruptcy, FTX User Claims Pay Cents on the Dollar

Fortune: Sam Bankman-Fried's lawyers just filed a claim to keep his $450 million in Robinhood shares

Reuters: U.S. Trustee files objection to FTX's planned asset sales

Thomas Braziel’s prediction on the FTX claims

Connor Grogan’s take on the $5 billion in assets 

DCG/Gemini:

Unchained: Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster

3AC
Kyle Davies’ comments

Learn more about your ad choices. Visit megaphone.fm/adchoices

From 3AC to FTX (and possibly more to come), it’s boom times for those trading crypto bankruptcy claims. Thomas Braziel, founder and CEO of 507 Capital, gives a crash course on bankruptcy law, offering the latest updates on the FTX, Celsius, and Three Arrows Capital cases. Plus, insight on how 2023 could finally be the year Mt. Gox creditors get (some) closure.

Show highlights:
how Tom got into crypto with the Mt. Gox bankruptcy and whether "crypto distressed" is an emerging asset class
how buying bankruptcy claims is also a way to buy crypto assets at a discount
how to determine how much value creditors are owed in a crypto bankruptcy
what the marketplaces for buying and selling claims are like
whether it's possible to tokenize bankruptcy claims
whether crypto tokens should be treated as property
what is likely to happen when Mt. Gox creditors are returned their BTC
the importance of Celsius' separation of custodial assets vs. assets in interest-bearing accounts
the likelihood of Celsius being acquired
why the fact that FTX recovered $5 billion in assets is "amazing"
why so many stakeholders disputed the ownership of the $450 million in Robinhood shares
why there's so much difference in the prices of FTX, Voyager, BlockFi and Celsius claims
whether the customer list of FTX should be kept private
what type of creditors are Gemini Earn customers

Thank you to our sponsors!

Crypto.com

DeFi Saver

Links

Guests:

Thomas:

Twitter
507 Capital
Previous appearances on Unchained:
Will FTX Customers Ever Recover Their Assets? Two Insolvency Experts Weigh In
Will Celsius Survive the Bankruptcy Process?

Episode Links: 

Celsius

Reuters:
U.S. judge says Celsius Network owns most customer crypto deposits
Celsius bankruptcy judge orders return of some crypto assets to customers

Bloomberg: Bankrupt Crypto Lender Celsius Receives Multiple Bids for Retail and Mining Assets

FTX

Unchained: 
DOJ Seizes $450M in Robinhood Shares from FTX
Bankrupt FTX Recovers Over $5B Worth of Assets: Report

CoinDesk: 

FTX Creditor Claims Going for 13 Cents on the Dollar on Bankruptcy Marketplace Xclaim
After Bankruptcy, FTX User Claims Pay Cents on the Dollar

Fortune: Sam Bankman-Fried's lawyers just filed a claim to keep his $450 million in Robinhood shares

Reuters: U.S. Trustee files objection to FTX's planned asset sales

Thomas Braziel’s prediction on the FTX claims

Connor Grogan’s take on the $5 billion in assets 

DCG/Gemini:

Unchained: Gemini Ends Its Earn Program and Calls for Barry Silbert’s Ouster

3AC

Kyle Davies’ comments

Learn more about your ad choices. Visit megaphone.fm/adchoices