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FTX investors sue law firm Sullivan & Cromwell, claiming role in fraud â link
#Write2Earn #FTX.
FTX investors sue law firm Sullivan & Cromwell, claiming role in fraud â link
#Write2Earn #FTX.
FTX and BlockFi reach tentative settlement for up to $874 million: CNBC Crypto World
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at whatâs ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On todayâs show, Alex Taub, CEO and co-founder of Truth Arts, explains how his company is helping turn non-fungible tokens into something that could generate value for NFT holders in the future.
#FTX. #FTX.Trading.Ltd #BTC/USDT: $BTC $ETH $BNB
CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at whatâs ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On todayâs show, Alex Taub, CEO and co-founder of Truth Arts, explains how his company is helping turn non-fungible tokens into something that could generate value for NFT holders in the future.
#FTX. #FTX.Trading.Ltd #BTC/USDT: $BTC $ETH $BNB
"FTX's SBF Reportedly Guides Prison Guard Toward Solana Investment"
Despite being incarcerated, Sam Bankman Fried (SBF), the disgraced founder of collapsed crypto exchange FTX, continues recommending Solana investment to prison guards. Â
Read more on: https://thecryptobasic.com/2024/02/28/ftx-founder-sbf-reportedly-advises-prison-guard-to-invest-in-solana/
#FTX. #SBFFTX #Crypto #CryptoNewsđđ°đŤ #CryptoNewsUpdate
Read more on: https://thecryptobasic.com/2024/02/28/ftx-founder-sbf-reportedly-advises-prison-guard-to-invest-in-solana/
#FTX. #SBFFTX #Crypto #CryptoNewsđđ°đŤ #CryptoNewsUpdate
THE #bullrun2024! ? ? ?
Oliver L. Velez, an experienced digital assets trader, has advised crypto investors to get their bitcoins off crypto exchanges and prepare to buy the dip. Velez said this in a recent post on X (formerly Twitter) where he identified a crucial reason why the crypto market might experience another significant crash.
$BNB is near #BinanceSquareExplorers last leveraged liquidation price once again. Remember when Caroline of Alameda tried to defend the $22 price before it and #FTX. imploded? A $BNB collapse would bring down a house of cards 10x the size of FTX. Get your #Bitcoin off all exchanges.
Oliver L. Velez âĄď¸ 13%'er Bitcoine September 11, 2023
Velez claimed that at its current price, BNB is near Binanceâs last leveraged liquidation price. He believes that a BNB collapse would impact the entire crypto market in a significant way. According to Velez, a BNB crash will send the crypto market tumbling by more than ten times the magnitude of the crash experienced during the FTX collapse of last November.
The highly experienced trader recalled an event that preceded the FTX collapse, when Carolin Ellis, CEO of Alameda Research, posted that Alameda would buy Changpeng Zhaoâs FTT tokens for $22 each. Of course, that did not materialize and could not save the market from an eventual collapse. Velez thinks the crypto market is preparing for a cleansing flush-out before the next bull run in 2024.
Ecks, a respondent to Velezâs post, noted that Changpeng Zhao, CEO of Binance, already claimed that the exchange has no loans. If that is the case, Ecks questioned the possibility of liquidation.
Oliver L. Velez, an experienced digital assets trader, has advised crypto investors to get their bitcoins off crypto exchanges and prepare to buy the dip. Velez said this in a recent post on X (formerly Twitter) where he identified a crucial reason why the crypto market might experience another significant crash.
$BNB is near #BinanceSquareExplorers last leveraged liquidation price once again. Remember when Caroline of Alameda tried to defend the $22 price before it and #FTX. imploded? A $BNB collapse would bring down a house of cards 10x the size of FTX. Get your #Bitcoin off all exchanges.
Oliver L. Velez âĄď¸ 13%'er Bitcoine September 11, 2023
Velez claimed that at its current price, BNB is near Binanceâs last leveraged liquidation price. He believes that a BNB collapse would impact the entire crypto market in a significant way. According to Velez, a BNB crash will send the crypto market tumbling by more than ten times the magnitude of the crash experienced during the FTX collapse of last November.
The highly experienced trader recalled an event that preceded the FTX collapse, when Carolin Ellis, CEO of Alameda Research, posted that Alameda would buy Changpeng Zhaoâs FTT tokens for $22 each. Of course, that did not materialize and could not save the market from an eventual collapse. Velez thinks the crypto market is preparing for a cleansing flush-out before the next bull run in 2024.
Ecks, a respondent to Velezâs post, noted that Changpeng Zhao, CEO of Binance, already claimed that the exchange has no loans. If that is the case, Ecks questioned the possibility of liquidation.
Good morning!
There's some panic about #BTCđĽđĽđĽđĽ
dropping to $8000, but let's clarify: it didn't happen! It occurred on a lesser-known exchange resembling #FTX.
These isolated incidents shouldn't rattle us; small exchanges like #BITMEX often involve shady practices.
Relax, folks! Let's worry when it impacts the broader market, not just some sketchy exchange. #Write2Earn #HotTrends .
Please follow for updates and likes. Tips appreciated! $BTC $SOL L $BNB
There's some panic about #BTCđĽđĽđĽđĽ
dropping to $8000, but let's clarify: it didn't happen! It occurred on a lesser-known exchange resembling #FTX.
These isolated incidents shouldn't rattle us; small exchanges like #BITMEX often involve shady practices.
Relax, folks! Let's worry when it impacts the broader market, not just some sketchy exchange. #Write2Earn #HotTrends .
Please follow for updates and likes. Tips appreciated! $BTC $SOL L $BNB
Claim Free FDUSD Rewards From Binance Pay
Claim Free FDUSD Rewards
#HotTrends #sol #DOGE #WIF #BTC
Claim Free FDUSD Rewards
#HotTrends #sol #DOGE #WIF #BTC
Sam Bankman-Fried Appeals Fraud Conviction, Prosecutors âEager for Quick Headlinesâ
Sam Bankman-Fried Appeals Conviction: Sam Bankman-Fried, founder of #FTX. has filed for a new trial, claiming he was denied a fair hearing during his initial fraud conviction.
Claim of Media Focus by Prosecutors: His legal team argues that federal prosecutors were more focused on securing quick headlines rather than ensuring justice during his trial.
Conviction and Sentence: Bankman-Fried was convicted of fraud and money laundering related to the collapse of FTX, leading to a 25-year prison sentence.
FTX Collapse: FTX, once a major #cryptocurrencyexchange , collapsed in 2022, causing billions in customer losses. Prosecutors accused Bankman-Fried of diverting funds to cover financial shortfalls in his hedge fund, #AlamedaResearch .
Allegations of Unfair Narrative: #SamBankman-Fried legal team argues the narrative presented at trial was inaccurate and new evidence shows FTX was not insolvent, with sufficient assets to repay customers.
Sullivan & Cromwell (S&C) Involvement: The filing criticizes the role of the law firm Sullivan & Cromwell, accusing them of bias and over-involvement in prosecutorial work for financial gain.
Caroline Ellisonâs Legal Situation: Caroline Ellison, former CEO of Alameda Research, is seeking leniency, with her legal team advocating for time served due to her cooperation with authorities.
Claim of Media Focus by Prosecutors: His legal team argues that federal prosecutors were more focused on securing quick headlines rather than ensuring justice during his trial.
Conviction and Sentence: Bankman-Fried was convicted of fraud and money laundering related to the collapse of FTX, leading to a 25-year prison sentence.
FTX Collapse: FTX, once a major #cryptocurrencyexchange , collapsed in 2022, causing billions in customer losses. Prosecutors accused Bankman-Fried of diverting funds to cover financial shortfalls in his hedge fund, #AlamedaResearch .
Allegations of Unfair Narrative: #SamBankman-Fried legal team argues the narrative presented at trial was inaccurate and new evidence shows FTX was not insolvent, with sufficient assets to repay customers.
Sullivan & Cromwell (S&C) Involvement: The filing criticizes the role of the law firm Sullivan & Cromwell, accusing them of bias and over-involvement in prosecutorial work for financial gain.
Caroline Ellisonâs Legal Situation: Caroline Ellison, former CEO of Alameda Research, is seeking leniency, with her legal team advocating for time served due to her cooperation with authorities.
FTX CEO John Ray lll was paid $1,575 per hour last month as bankruptcy trudges on
FTX CEO John J. Ray lll was paid $1,575 an hour last month for his work in overseeing the exchange's bankruptcy, according to a court document filed on Thursday.
From March 1 to March 31, Ray worked 231 hours and was paid a total of $363,825. Ray's work included weekly phone calls and in-person board meetings to manage bankruptcy restructuring efforts, as well as leading weekly calls and meetings, according to a monthly staffing report.
"Additionally, Mr. Ray has worked to establish and maintain internal controls, address and manage employees and employee concerns, interacted with management in Japan, Europe and other locations throughout the world and managed cash, other assets and investments, data and systems related issues with respect to all Debtors," the filing read. "Mr. Ray also provided oversight related to the Debtorsâ public relations and communications plans."
FTX collapsed in November 2022 and owes customers over $8 billion.
Ray, who years ago helped clean up Enron's corporate collapse, had previously alluded to the FTX bankruptcy being worse than Enron. In filings following FTX's downfall, Ray said he had never seen "such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."
Notably, Ray is the only professional staffed by Owl Hill, his advisory firm, which was once known as Greylock Partners, to work on behalf of the debtors.
#warning! #FTX. #Write2Earrn
FTX CEO John J. Ray lll was paid $1,575 an hour last month for his work in overseeing the exchange's bankruptcy, according to a court document filed on Thursday.
From March 1 to March 31, Ray worked 231 hours and was paid a total of $363,825. Ray's work included weekly phone calls and in-person board meetings to manage bankruptcy restructuring efforts, as well as leading weekly calls and meetings, according to a monthly staffing report.
"Additionally, Mr. Ray has worked to establish and maintain internal controls, address and manage employees and employee concerns, interacted with management in Japan, Europe and other locations throughout the world and managed cash, other assets and investments, data and systems related issues with respect to all Debtors," the filing read. "Mr. Ray also provided oversight related to the Debtorsâ public relations and communications plans."
FTX collapsed in November 2022 and owes customers over $8 billion.
Ray, who years ago helped clean up Enron's corporate collapse, had previously alluded to the FTX bankruptcy being worse than Enron. In filings following FTX's downfall, Ray said he had never seen "such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."
Notably, Ray is the only professional staffed by Owl Hill, his advisory firm, which was once known as Greylock Partners, to work on behalf of the debtors.
#warning! #FTX. #Write2Earrn
đ¨ BREAKING NEWS đ¨
đşđ¸ FTX Bankruptcy Plan Approved
Judge clears the way for $16 BILLION in repayments! đ°đĽ
Key Highlights:
đ¸ $16 Billion in repayments on the horizon!
â Judge's approval opens the path for FTX creditor payouts.
đ Positive momentum for the crypto space đ.
SEND IT! đđĽ
#FTX. #CryptoNews #moonbix
đşđ¸ FTX Bankruptcy Plan Approved
Judge clears the way for $16 BILLION in repayments! đ°đĽ
Key Highlights:
đ¸ $16 Billion in repayments on the horizon!
â Judge's approval opens the path for FTX creditor payouts.
đ Positive momentum for the crypto space đ.
SEND IT! đđĽ
#FTX. #CryptoNews #moonbix
FTX FINALIZES #Robinhoodâs SHARE TRANSACTION
đ#FTX. secured a deal involving $600 million in Robinhood shares with Emergent Technologies.
âFTX paid $14 million to settle Emergentâs claim for 55 million shares, streamlining Emergentâs #bankruptcy process in Antigua and reducing FTXâs legal challenges.The shares, originally linked to Sam #bankmanfried , were resold to Robinhood for $606 million.
A related court hearing is set for October 22.
(đSources: #Cointelegraph )
đ#FTX. secured a deal involving $600 million in Robinhood shares with Emergent Technologies.
âFTX paid $14 million to settle Emergentâs claim for 55 million shares, streamlining Emergentâs #bankruptcy process in Antigua and reducing FTXâs legal challenges.The shares, originally linked to Sam #bankmanfried , were resold to Robinhood for $606 million.
A related court hearing is set for October 22.
(đSources: #Cointelegraph )
See original
Ripple's legal team says the SEC is losing
Ripple's legal team recently revealed that the SEC is facing difficulties.#StuartAlderotti, head of the legal team, stated in a tweet that the SEC is being criticized by judges due to its shady behavior.
Furthermore, #Alderotti mentioned that within the US government, #SEC is also the target of criticism for hiding information about its meetings with #SambankmanFried before the collapse of #FTX. . It is important to remember that the United States Congress requested #GaryGensler , chairman of the SEC, all information about these meetings, but the SEC did not provide all the information requested.
In short, according to Stuart Alderotti, the SEC is not only losing in court, but it is also damaging its reputation as an institution. $XRP
Ripple's legal team recently revealed that the SEC is facing difficulties.#StuartAlderotti, head of the legal team, stated in a tweet that the SEC is being criticized by judges due to its shady behavior.
Furthermore, #Alderotti mentioned that within the US government, #SEC is also the target of criticism for hiding information about its meetings with #SambankmanFried before the collapse of #FTX. . It is important to remember that the United States Congress requested #GaryGensler , chairman of the SEC, all information about these meetings, but the SEC did not provide all the information requested.
In short, according to Stuart Alderotti, the SEC is not only losing in court, but it is also damaging its reputation as an institution. $XRP
FTX Investors End Lawsuit Against Sullivan & Cromwell
The legal representatives of the lead plaintiff, the Moskowitz law firm, stated that the law firm Sullivan & Cromwell (S&C) was voluntarily dismissed from the case without any settlement.
FTX Investors Withdraw Lawsuit Against Law Firm S&C
FTX investors have voluntarily dropped the proposed class-action lawsuit against the U.S. law firm Sullivan & Cromwell. On February 16, a group of FTX creditors filed the lawsuit, claiming that the firm played a role in the multi-billion dollar FTX fraud and profited financially from it. The lawsuit accused S&C of conspiracy, aiding in the breach of fiduciary duty, and aiding in fraud.
Sullivan & Cromwell served as external legal counsel for FTX in several transactions and oversaw the company's bankruptcy proceedings.
Lack of Evidence to Build the Case
The legal representatives of the lead plaintiff explained that Sullivan & Cromwell was voluntarily dismissed due to a lack of sufficient evidence. Adam Moskowitz, founding partner of the Moskowitz law firm, explained that there wasn't enough evidence at this time to proceed with the lawsuit.
"Based on the evidence we've seen, we don't believe there is enough to bring forth a cause of action, so we have dismissed the case," Moskowitz stated. He further added that this step would allow the case to focus on recovering compensation for the victims from other involved parties.
Focus on Compensation for Victims
Moskowitz noted that withdrawing the lawsuit against S&C is a positive development for FTX creditors, as they can now focus on seeking compensation from other parties. "This is a great day for all FTX victims because, working with the Estate, we will seek to provide every victim with 100% full recovery from these 43 responsible parties," Moskowitz added.
The legal firm also emphasized that there was no settlement involved in the dismissal of the lawsuit.
Judge Approves FTX Reorganization Plan
The lawsuit was dismissed shortly after the bankruptcy judge approved FTX's reorganization plan. On October 7, U.S. bankruptcy judge John Dorsey approved FTX's plan to end its operations as part of its efforts to repay creditors. The plan allows debtors to repay approximately 119% of their claimed account value.
#FTX. , #CryptoNewsCommunity , #CryptoNewsđđĽ , #Justice , #CryptoLaw
Stay one step ahead â follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.â
FTX Investors Withdraw Lawsuit Against Law Firm S&C
FTX investors have voluntarily dropped the proposed class-action lawsuit against the U.S. law firm Sullivan & Cromwell. On February 16, a group of FTX creditors filed the lawsuit, claiming that the firm played a role in the multi-billion dollar FTX fraud and profited financially from it. The lawsuit accused S&C of conspiracy, aiding in the breach of fiduciary duty, and aiding in fraud.
Sullivan & Cromwell served as external legal counsel for FTX in several transactions and oversaw the company's bankruptcy proceedings.
Lack of Evidence to Build the Case
The legal representatives of the lead plaintiff explained that Sullivan & Cromwell was voluntarily dismissed due to a lack of sufficient evidence. Adam Moskowitz, founding partner of the Moskowitz law firm, explained that there wasn't enough evidence at this time to proceed with the lawsuit.
"Based on the evidence we've seen, we don't believe there is enough to bring forth a cause of action, so we have dismissed the case," Moskowitz stated. He further added that this step would allow the case to focus on recovering compensation for the victims from other involved parties.
Focus on Compensation for Victims
Moskowitz noted that withdrawing the lawsuit against S&C is a positive development for FTX creditors, as they can now focus on seeking compensation from other parties. "This is a great day for all FTX victims because, working with the Estate, we will seek to provide every victim with 100% full recovery from these 43 responsible parties," Moskowitz added.
The legal firm also emphasized that there was no settlement involved in the dismissal of the lawsuit.
Judge Approves FTX Reorganization Plan
The lawsuit was dismissed shortly after the bankruptcy judge approved FTX's reorganization plan. On October 7, U.S. bankruptcy judge John Dorsey approved FTX's plan to end its operations as part of its efforts to repay creditors. The plan allows debtors to repay approximately 119% of their claimed account value.
#FTX. , #CryptoNewsCommunity , #CryptoNewsđđĽ , #Justice , #CryptoLaw
Stay one step ahead â follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.â
âŚď¸đđđđđđŚđ§ đŚđđ˘đĽđ§ đŚđ¤đ¨đđđđ âŚď¸
$9,100,000,000 worth of shorts will get liquidated if #BTC hits $70,000
Rate cuts are coming, QE has started and #FTX distribution is coming which will bring massive liquidity.
#FTX. #Ftxâ #FTXAuction #XRPVictory #MarketDownturn
$9,100,000,000 worth of shorts will get liquidated if #BTC hits $70,000
Rate cuts are coming, QE has started and #FTX distribution is coming which will bring massive liquidity.
#FTX. #Ftxâ #FTXAuction #XRPVictory #MarketDownturn