FTX creditors should be seeing red. the trustee sold Anthropic out at the bottom. Same for crypto. Hindsight is 20-20, but imagine had CZ not made those tweets of divesting from the FTT token. FTX could have possibly weathered the final 3 months of the BTC bear market and then reaped the post-2023 AI and crypto bull market. Sam would have gone from pauper in jail to brilliant investor in Anthropic, mogul, and so on.
The trustee's reports on FTX's internal processes were damning. Even they had held their Anthropic on the way up, who's to say their internal FTT ledger and black holes in the Alameda books would not have eclipsed that?
The issue wasn't that crypto markets in general were down at that point; the issue was they were doing frauds.
I think the implication is they fraudsters rarely get busted when they are making everyone money only when things are looking bad. Eventually it catches up though.
Sure, but would we really want to tell liquidators to manage assets for best eventual return rather than just convert everything to cash? In this instance, in hindsight, sure - you'd want the other thing, you want the bitcoin not the cash. But this feels like the exception that proves the rule.
