In this interview segment, Sam Parr talks with an unnamed trader about a lucrative distressed‑asset trade following FTX’s bankruptcy. The trader explains that FTX owed roughly $8 billion in claims, including a $500 million investment in Anthropic that was later valued at about $40 billion. Believing the Anthropic stake would recover at roughly 50 cents on the dollar, he bought $10 million of FTX claims for $2.2 million (a 22 % of face‑value price). He partnered with broker Thomas Brazell, offering him a 10 % share of any upside in exchange for sourcing the claims. As crypto markets rallied, the underlying assets surged, and the trader now expects to receive about $0.16 on the dollar, translating to a multi‑million‑dollar profit (approximately $15 million). The conversation highlights the mechanics of buying distressed claims, valuation assumptions, broker arrangements, and the resulting payoff.
