In this Short Story, Freddy Brick of Muddy Waters Capital sits down with Thomas Braziel from 507 Capital to uncover how his firm made a 1,700% return from a boring old bankruptcy claim. It all began with the downfall of Mt. Gox when his team identified one of the most convex opportunities they’ve ever seen. With the recent string of bankruptcies across the crypto industry, Thomas provides his perspective on institutional activity within the space. And as deals become increasingly complex, specifically as it pertains to FTX, it’ll take time for the broader industry to stabilize, but Thomas does believe crypto is here to stay.