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An investigation into the law firm Sullivan & Cromwell LLP, which worked with the now-defunct crypto exchange FTX, revealed that the firm was neither involved in the fraud nor aware of the financial troubles that plagued the collapsed trading platform. Sullivan & Cromwell Cleared of Negligence in FTX Collapse Following a recent investigation, former U.S. … Read more
The Justice Department has designated Forensic Risk Alliance (FRA) as the external monitor for Binance Holdings Ltd. This decision comes in the wake of Binance’s acknowledgment of breaching U.S. anti-money laundering regulations and sanctions. Bloomberg’s Ava Benny-Morison and Chris Strohm were the first to report this development. Known for its expertise in fraud investigations and … Read more
A recent research paper on SSRN by legal scholars scrutinizes the ethical quandaries and potential conflicts of interest surrounding Sullivan & Cromwell LLP’s involvement in FTX’s Chapter 11 bankruptcy filing. Study Highlights Legal Ethics From FTX Bankruptcy Proceedings The SSRN research paper entitled “Conflicting Public and Private Interests in Chapter 11” meticulously explores the controversial … Read more
After Sullivan & Cromwell, consulting firm Alvarez & Marsal billed the second largest amount for its finance and accounting work. Go to Source Powered by WPeMatico
Millions have been invoiced from a host of law firms, investment bankers, consultants and financial advisers in FTX’s bankruptcy case. Go to Source Powered by WPeMatico
Judge John Dorsey has delayed his decision on whether to appoint an independent examiner in the FTX case. At the latest hearing, Dorsey acknowledged that the cost to debtors could reach tens of millions of dollars. Currently, the bankruptcy judge is hopeful that the issue will be resolved through a mutually agreed upon solution between … Read more
FTX lawyers, joint provisional liquidators of FTX.US and the Bahamas and a committee of creditors have all opposed the appointment of an independent examiner. Go to Source Powered by WPeMatico
On Friday, bankruptcy judge John Dorsey approved the law firm Sullivan & Cromwell (S&C) to be appointed as the debtors’ counsel for FTX, despite an objection from Daniel Friedberg, a former FTX US compliance officer. During a Zoom presentation, Friedberg claimed there was a conflict of interest between former and current FTX executives and FTX … Read more
Numerous parties have objected to the retention of Sullivan & Cromwell as lead counsel to FTX, citing conflicts of interest and insufficient disclosures. Go to Source Powered by WPeMatico
Following an update from FTX debtors about the $5.5 billion discovered by administrators during an investigation, former FTX CEO Sam Bankman-Fried (SBF) took to Twitter to share a blog post from his Substack newsletter. SBF stated that the presentation published by litigation firm Sullivan & Cromwell is “extremely misleading” and that FTX US is solvent … Read more
