FTX, the defunct cryptocurrency exchange, is finally being forced to publicly detail its spending habits in the company’s ongoing Chapter 11 bankruptcy proceedings. And the resulting documents are illuminating.
The entity that once owned the poor, beleaguered Silicon Valley Bank, the main banking house for numerous tech-focused firms and venture capitalists, is officially holding up a white flag as it suddenly declared bankruptcy.
You’ve surely seen one...a big, orange eyesore shoved awkwardly into the corner of your local supermarket or perched ominously near the neighborhood gas station.