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I’m not so much fascinated by the specifics of the FTX adversary cases two years post-bankruptcy, where the debtors work to claw back the remaining traces of FTX’s exorbitant spending. Instead, I’m interested in the pulling back of the curtain on the cryptocurrency industry’s day-to-day operations. Shady practices have become so commonplace as to be open secrets, only questioned during occasional brushes with those from more strictly regulated financial sectors — who often react with horror when given a peek at the crypto industry’s standard operating procedure. In the span of only a few days in November 2024, the FTX bankruptcy estate filed over thirty adversary cases.1 Several target political action committees and non-profits that received hundreds of thousands or millions of dollars from FTX as part of the company’s political influence campaigns and reputation polishing efforts. Others target other cryptocurrency exchanges where Alameda Research or affiliated entities were trading — sometimes secretly — and where account balances haven’t been released back to the bankruptcy estate. Some target FTX customers engaged in criminal behavior. And some target employees, contractors, or business associates of FTX and its entities.