FTX’s bankruptcy hearing is underway and the details are wild. Here’s what to know.

Happy Thanksgiving eve, readers. I’m Phil Rosen. If you happen to be in New York without Thursday morning plans, you could swing by the Macy’s Thanksgiving Day Parade, where you can be hugged by thousands of people at once and still be cold.

But if you aren’t in New York, don’t sweat it — Macy’s is also hosting a parade in the metaverse this year. 

Personally, I’d rather see the giant Snoopy balloon in real life, but you could probably get away with a lighter coat if you go digital. 

Before we get to the news, I want to highlight the story behind the story of FTX. 

The collapse of Sam Bankman-Fried’s empire put the spotlight on crypto news outlets like CoinDesk and The Block. Those trade publications have been able to not only capitalize on the moment with smart scoops, but fend off a broader ad slump that’s plagued digital media of late.

Read the full story from Insider’s Reed Alexander and Steven Perlberg.

Programming note: The Opening Bell newsletter will be off on Thursday and Friday. We’ll see you on Monday.

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1. FTX kicked off its bankruptcy trial on Tuesday, and the initial statements give Sam Bankman-Fried and company little to cheer. 

James Bromley, counsel to FTX’s new management, had choice words during the first day in the Delaware hearing. He spoke of the events leading up to the crypto exchange’s swift implosion, its suspect leadership and associated entanglements.

“FTX was in the control of inexperienced and unsophisticated individuals, and some or all of them were compromised individuals,” Bromley said. 

Notable, too, was how the lawyer likened FTX, a global organization, to Bankman-Fried’s “personal fiefdom.”

Before the trial began, new CEO John J. Ray III — who famously oversaw the liquidation …read more

Source:: Businessinsider

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