After the spectacular collapse of FTX Trading Ltd. into Chapter 11 on Friday, Nov. 11, no discussion of cryptocurrency companies in bankruptcy would be complete without a discussion of FTX. Recent guest Pablo Bonjour of Macco Restructuring Group LLC returned to Fresh Start to provide an update on what we know so far, and what might be to come in the case.
“I think what makes this especially bad is that FTX is almost like a white-knight hero recently,” Bonjour said. “They came in as saving Voyager [Digital Holdings Inc., a bankrupt cryptocurrency brokerage], they made this $1.4 billion bid, they touted themselves as one of the largest exchanges, strong financially. For this to go from, ‘Hey, I’m a savior’ to ‘Hey, I’m just like everybody else,’ I think that’s done a lot of damage.”
Listen to the latest podcast with Bonjour below. And also check out the initial conversation with him.