Pasternak Speaks with Fortune on FTX Bankruptcy
December 1, 2022 – Jonathan Pasternak, Partner in the Bankruptcy Law practice was interviewed in Fortune’s “The Ledger: Cryptocurrency” story on the FTX bankruptcy.
When asked if FTX customers would likely become unsecured creditors, (the last to be reimbursed), he pointed to the outcomes in recent cryptocurrency bankruptcies. In those bankruptcies, the failed crypto companies mostly took the position that customer funds are the property of the estate. This means that those funds could be used for whatever they want and that a large portion of those monies were already burned up by the company.
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