{"id":8003,"date":"2022-11-22T12:38:41","date_gmt":"2022-11-22T11:38:41","guid":{"rendered":"http:\/\/costops.com\/index.php\/2022\/11\/22\/how-do-you-slice-a-billion-dollar-crypto-bankruptcy-pie\/"},"modified":"2022-11-22T12:38:41","modified_gmt":"2022-11-22T11:38:41","slug":"how-do-you-slice-a-billion-dollar-crypto-bankruptcy-pie","status":"publish","type":"post","link":"http:\/\/costops.com\/index.php\/2022\/11\/22\/how-do-you-slice-a-billion-dollar-crypto-bankruptcy-pie\/","title":{"rendered":"How do you slice a billion-dollar crypto bankruptcy pie?"},"content":{"rendered":"<p>The 50 biggest claims against FTX total $3.1bn. Now a US court has to determine who gets what \u2013 if anything. Plus, what will be more valuable by the end of the year: Musk\u2019s stake in Twitter, or a lettuce?<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/ablink.editorial.theguardian.com\/ss\/c\/TBl-lE0k4WbTlFRn6v-lQXxTpTslqnvUsR2ofAkC00vqkHXqakTSxrykj9mrdACFo11SPMvm9ONAti2JcHBqUgcduObToxycReEYHcTAh6nov_u_7l464yKkl5CZpPeg-CqG3ueb-8UiDZ4dOkhK_xu6BZysaGtGOA-w2_0KTqLsMBLqZrcGelEg-7T5C6DRfMSsX1Wcyrv2RlHjbzIGx0ePxMD7meIXmznkqCFxtrflV_YvxDV9cqXgzdq7c2-9qYTW0MyIMCG7p9sc7wIKCg\/3ha\/N7031ZxvS8Cv2AmB8PHP-g\/h27\/towm4HqYM1UtQe3kzAkaoAWT_zh9HyZuTvPyJCk6JeE\">Don\u2019t get TechScape delivered to your inbox? Sign up for the full article here<\/a><\/strong><\/li>\n<\/ul>\n<p>If you owe the bank a grand and can\u2019t repay it, you\u2019re in trouble. If you owe the bank a billion and can\u2019t repay it, the bank\u2019s in trouble. If the bank owes you a billion and can\u2019t repay it, the system\u2019s in trouble.<\/p>\n<p>When the cryptocurrency exchange FTX filed for bankruptcy last week, it didn\u2019t actually know how much it owed customers, the company\u2019s new chief executive, John Ray III, <a href=\"https:\/\/www.theguardian.com\/technology\/2022\/nov\/17\/ftx-enron-crypto-collapse-john-ray-unprecedented\">said in a filing<\/a>. \u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,\u201d Ray wrote. That\u2019s a weighty statement, given he worked on the Enron bankruptcy, the most notorious example of corporate fraud in recent American history.<\/p>\n<p> <a href=\"https:\/\/www.theguardian.com\/technology\/2022\/nov\/22\/techscape-ftx-bankruptcy-twitter-elon-musk-value\">Continue reading&#8230;<\/a><br \/>\n<img src=\"https:\/\/i.guim.co.uk\/img\/media\/1be2f27880aeeea8a423433e8bd73f36deb6cd32\/0_104_4902_2941\/master\/4902.jpg?width=140&amp;quality=85&amp;auto=format&amp;fit=max&amp;s=3c389c1c12ca7a6628b1eaa004a53655\" title=\"How do you slice a billion-dollar crypto bankruptcy pie?\" \/>The 50 biggest claims against FTX total $3.1bn. Now a US court has to determine who gets what \u2013 if anything. Plus, what will be more valuable by the end of the year: Musk\u2019s stake in Twitter, or a lettuce?<br \/>\nDon\u2019t get TechScape delivered to your inbox? Sign up for the full article here<br \/>\nIf you owe the bank a grand and can\u2019t repay it, you\u2019re in trouble. If you owe the bank a billion and can\u2019t repay it, the bank\u2019s in trouble. If the bank owes you a billion and can\u2019t repay it, the system\u2019s in trouble.<br \/>\nWhen the cryptocurrency exchange FTX filed for bankruptcy last week, it didn\u2019t actually know how much it owed customers, the company\u2019s new chief executive, John Ray III, said in a filing. \u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,\u201d Ray wrote. That\u2019s a weighty statement, given he worked on the Enron bankruptcy, the most notorious example of corporate fraud in recent American history. Continue reading&#8230;Technology | The Guardian<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 50 biggest claims against FTX total $3.1bn. Now a US court has to determine who gets what \u2013 if anything. Plus, what will be more valuable by the end of the year: Musk\u2019s stake in Twitter, or a lettuce? Don\u2019t get TechScape delivered to your inbox? Sign up for the full article here If &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"http:\/\/costops.com\/index.php\/2022\/11\/22\/how-do-you-slice-a-billion-dollar-crypto-bankruptcy-pie\/\"> <span class=\"screen-reader-text\">How do you slice a billion-dollar crypto bankruptcy pie?<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":0,"featured_media":8004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts\/8003"}],"collection":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/comments?post=8003"}],"version-history":[{"count":0,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/posts\/8003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/media\/8004"}],"wp:attachment":[{"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/media?parent=8003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/categories?post=8003"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/costops.com\/index.php\/wp-json\/wp\/v2\/tags?post=8003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}