Cryptocurrency company FTX and its young founder, Samuel Bankman-Fried (”Sam”), once were valued at nearly $30 billion. The company was a hub for all things crypto, performing several key roles in the sector. Investors used FTX as a trading platform to make crypto bets. FTX supported its own crypto token, FTT, and speculatively traded in various cryptocurrencies for its own benefit. FTX also was a financier in numerous other crypto-related ventures. FTX and SBF ultimately did none of these things well, landing in competing bankruptcy proceedings in the Bahamas, as well as ancillary proceedings known as Chapter 15 in Delaware. Customers, investors and others now are wondering: What’s the future? How will SBF’s structures, transactions, investments, and other machinations be unwound? How will FTX’s assets be liquidated?

To fully understand FTX and the challenges for its many creditors, one must first realize the full extent of this scandal and that FTX was not the only player involved. FTX was simply one cog in the machine of a much bigger and overarching scandal ― if not conspiracy ― that involved other major crypto players such as Three Arrows Capital and Celsius
CEL
Network, as well as numerous smaller players. All of these players engaged through each other in what…