Understanding the FTX and Three Arrows Scandals: The Inside Track on What Went Wrong
Higgs & Johnson (Bahamas)
Milbank LLP (USA)
The FTX and Three Arrows scandals have made it clear that corporate mismanagement in crypto businesses are looming as existential threats in the Fraud and Asset recovery landscape. Join us for this session to learn about what really happened at FTX and Three Arrows, labeled as unprecedented situations resulting from a “complete failure of corporate controls and a complete absence of trustworthy financial information”.
We will discuss many aspects of the scandal and their broader applicability to pending and upcoming cases, including:
- Was it a fraud or just a collection of inexperienced and irresponsible twenty-somethings very out of their depth?
- How was this able to happen?
- What can this community do to prevent such failures in the future?
- What are the challenges in recovering assets?
- What are the prospects of FTX’s creditors receiving compensation?