The FTX debacle is apparently scrambling some brains:
Collapsed cryptocurrency exchange FTX says it has recovered more than $5 billion worth of cash and crypto assets it may be able to sell to help repay customers and investors, an attorney for the company told a Delaware bankruptcy court on Wednesday.
Company advisers have identified a significant amount of crypto that it will be more difficult to sell without depressing the market price of those digital tokens, FTX attorney Andrew Dietderich said. The company is also trying to sell off other “nonstrategic investments” made by FTX that have a book value of $4.6 billion, he said. [WaPo]
I do hope the judge rules the “crypto assets” are worthless. That’s how I’d view it.
