FTX Digital Markets – global collaboration at its best
The downfall of FTX marked one of the most intricate cross-border insolvencies in recent memory. As the third largest cryptocurrency exchange globally, FTX’s liquidation in the Bahamas involved over 45,000 creditors, with claims exceeding $1 billion being settled with interest in less than three years. This remarkable result was made possible by an unprecedented global settlement agreement, harmonising the Bahamian insolvency process (UK common law) with the US Chapter 11 bankruptcy process. By combining the strengths of both systems, we facilitated asset recovery and claim settlements.
Achieving this outcome required a diverse, cross-functional team skilled in…