It’s always the same lessons over and over.
* Creditor rights are complex. Obsess over the minutiae.
* Longer credit chains make for more opacity (and worse yield)
* Recovery, when possible, is expensive and slow (QT + FTX are examples)
* Concentration in a counterparty = ☠️
Best wishes to everyone still trying to figure out where they stand in line and for how many assets.
Absolute worst outcome would be for Stream to get made whole bc they had a contract w the asset manager, and xUSD holders get their de minimis payout via individual arbitration
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