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0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).

All times are ET.

1. FTX estate proposes 90%+ of distributable value going to customer claims

Good news for customers, as the estate has already found $7.3B in assets, not including the ~$2B stake in Anthropic:

FTX presentation from April.

FTX US ($0.2B) recoveries may be higher than those of FTX International ($8.9B).
Exact values are uncertain and could move based on crypto prices, VC investment sales, etc.
15% preference: Customers that withdrew $250K+ on the last 9 days of the collapse would have to return 15%. - The Block, press release
“Great to see — this is a type of global agreement between Ad Hoc Committee of Non-U.S. Customers, the Official Committee of Unsecured Creditors, and the Debtors — but people should only this is only a rough outline,” Thomas Braziel, partner at 117 Partners, tells us.
- “Interesting to see that SRM was not called out,” meaning it appears only FTT claims will be disallowed. (Disclaimer: members of our team have investments in FTX claims brokered by Braziel.)

SBF told Nishad in Sep. 2022, 2 months before FTX’s collapse, that Alameda owed $13B in customer money to FTX, and it only had $5B.
SBF still had effective control of Alameda, making investments by himself. Nishad would complain about SBF’s lavish spending.
FTX spent $1.1B on celebrity endorsements, although that includes equity-based awards.
SBF invested $250M in Modulo Capital after their Sep. 2022 discussion highlighting FTX and Alameda were close to bankruptcy. - The Verge

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