A group presentation on the collapse of FTX and its Chapter 11 case, as things stood in November 2023. It opens with the basics: shares and cryptocurrencies, what an exchange is, and why holding an exchange’s own token does not make you a shareholder. Then the rise of Sam Bankman-Fried’s group and the days from 2 to 11 November 2022, from the leaked Alameda balance sheet and Binance selling its FTT to the aborted takeover and the filing, with FTT falling from $60 to $2.

The second half follows the procedure: the chapters of US bankruptcy law, the bodies that run a Chapter 11 and what they did here (John Ray III, the four silos, the creditors’ committee, the examiner the judge turned down), the draft reorganization plan with its classes of creditors, and the questions still open. The case has moved on since, and the deck stops at its date.