Tag: Bankruptcy Case

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New Research Paper Sheds Light on Alleged Conflicts of Interest in FTX’s Chapter 11 Filing

March 22, 2024

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…
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Token Sale Ahead: Celsius to Convert Customer ‘Altcoins’ to BTC and ETH

June 16, 2023

Amid the regulatory crackdown in the United States, the bankrupt crypto lender Celsius has announced that all of its customers’ “altcoins” will be converted to bitcoin (BTC) and ethereum (ETH). Over $215 million worth of coins such as CEL, ADA, LINK, LTC, and others will be sold beginning on July 1, 2023. Celsius Plans to…
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SEC objection to Voyager-Binance.US deal questioned by US judge

March 3, 2023

A United States judge scolded the Securities and Exchange Commission over its vague objection to Voyager’s restructuring deal and asked for specifics on its concerns. The bankruptcy judge on Voyager Digital’s case has reportedly scolded the United States securities regulator over its ambiguous reasoning for objecting to the crypto lending firm’s proposed sale to Binance.US.…
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Former FTX Executive Accused of Fueling a Charity Through Discounted FTT Purchase

February 15, 2023

A former executive of FTX allegedly earned profits for a charity by purchasing discounted FTX tokens, FTT, before they became available to the public at $0.05 per unit, according to a report citing anonymous sources. Ruairi Donnelly, the former chief of staff at FTX, has been accused of donating the tokens to Polaris Ventures, a…
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FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight

January 27, 2023

According to court documents in the FTX bankruptcy case, the company’s attorneys seek to subpoena FTX co-founder Sam Bankman-Fried, his brother Gabriel Bankman-Fried, and his parents, Joseph Bankman and Barbara Fried. Additionally, the attorneys intend to question some of Bankman-Fried’s top deputies, including FTX co-founder Gary Wang, ex-Alameda Research CEO Caroline Ellison, the former chief…
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Objections Raised Over Appointment of Sullivan & Cromwell as Debtors’ Counsel for FTX

January 21, 2023

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…
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Bankruptcy Lawyers Say FTX Was Operated by ‘Inexperienced and Unsophisticated Individuals’

November 23, 2022

On Tuesday, the attorneys representing FTX told the court that a “substantial amount of assets have either been stolen or are missing” and further stressed to the bankruptcy court that FTX executives left the lawyers James Bromley and Sullivan Cromwell with limited information. Bromley further likened the former FTX CEO Sam Bankman-Fried’s (SBF) crypto empire…
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FTX Co-Founder Sam Bankman-Fried Faces US Extradition, Bankruptcy Court Says Top Execs Won’t Be Compensated

November 22, 2022

According to a report citing three people familiar with the matter, the former FTX CEO Sam Bankman-Fried (SBF) may be extradited to the United States for questioning. After it was alleged that SBF transferred $10 billion in customer funds to Alameda Research, the company’s financials show between $1 billion and $2 billion has gone missing.…
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