Thursday, July 31, 2025
No Result
View All Result
Coin Digest Daily
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations
No Result
View All Result
Coin Digest Daily
No Result
View All Result

Sam Bankman-Fried Fraud: FTX Users Drop Bombshell Lawsuit On Bankruptcy Lawyers | Bitcoinist.com

8 March 2024
in Crypto Updates
Reading Time: 3 mins read
0 0
A A
0
Home Crypto Updates
Share on FacebookShare on Twitter


A bunch of FTX buyers have instituted a proposed class motion in opposition to US legislation agency Sullivan & Cromwell for his or her position within the bankrupt crypto trade’s fraud in opposition to its clients. The legislation agency is understood to have labored for the crypto trade throughout its rise to prominence, and now the plaintiffs argue that also they are culpable for the corporate’s wrongdoing. 

Particulars About The Proposed Class Motion

In keeping with the court docket submitting, the plaintiffs assert that FTX couldn’t have achieved fraud on such a “large scale” with the assistance of Sullivan & Cromwell (S & C). They declare that the legislation agency supplied the defunct crypto trade with “immense assets, connections to regulators, experience, and help,” important to perpetuating the scheme. 

The court docket doc highlighted how S & C shaped a detailed relationship with FTX via the corporate’s Basic Counsel, Ryne Miller, who as soon as labored on the legislation agency. By way of him, S & C is alleged to have “solidified their involvement and curiosity in FTX’s progress and growth.” The legislation agency was additionally revealed to have supplied authorized companies to FTX’s subsidiaries, together with Alameda Analysis. 

Additional elaborating on S&C’s deep involvement with the trade and its sister firm, the plaintiffs recommended that there was no method that the legislation agency wasn’t conscious of the fraud and even took steps to help these corporations of their misdealings. In the meantime, the legislation agency didn’t cease there; in addition they sought to learn from FTX’s collapse. 

Sullivan and Cromwell, alongside Miller, have been accused of pushing “closely” for FTX to file for chapter. Miller additionally apparently ensured that $4 million was wired to the legislation agency to retain its companies for the chapter proceedings. Bitcoinist as soon as reported how the legislation agency had billed nearly $40 million for work accomplished within the crypto trade’s chapter case. 

Criticism In opposition to Proposed Sale Of FTX’s SOL Tokens

FTX creditor Sunil Kavuri just lately highlighted the irregularity within the proposed sale of FTX’s discounted SOL tokens to Pantera Capital. Sunil said that these tokens are supposed to be distributed to the trade’s collectors reasonably than offered to the crypto-focused asset supervisor. Pantera will reportedly purchase these SOL tokens at a reduced worth of $59.95 every. 

That doesn’t sit nicely with Sunil and different collectors, primarily as a result of it was beforehand revealed, as a part of FTX’s compensation plan, that the bankrupt crypto trade will repay clients based mostly on the crypto costs as of November 2022. These clients argue that the tokens belong to them and it isn’t correct for them to be paid a fraction of it within the greenback equal. 

FTT Token worth recovers to $2.4 | Supply: FTTUSDT on Tradingview.com

Featured picture from Monetary Occasions, chart from Tradingview.com



Source link

Tags: BankmanFriedBankruptcyBitcoinist.comBombshellDropFraudFTXlawsuitLawyersSamusers
Previous Post

Renewable energy trends and developments powering a cleaner future – IBM Blog

Next Post

Learn Bitcoin, Earn Bitcoin: Announcing Unchained as Title Sponsor for 21 Days of Bitcoin Educational Course

Related Posts

JPMorgan & Coinbase Team Up: Crypto From Rewards Coming
Crypto Updates

JPMorgan & Coinbase Team Up: Crypto From Rewards Coming

31 July 2025
Kraken Grows Fast, But Profits Dip Ahead of 2026 IPO Plans
Crypto Updates

Kraken Grows Fast, But Profits Dip Ahead of 2026 IPO Plans

31 July 2025
Coinbase Announces XRP Perpetual Futures to Supercharge Institutional Exposure – Featured Bitcoin News
Crypto Updates

Coinbase Announces XRP Perpetual Futures to Supercharge Institutional Exposure – Featured Bitcoin News

31 July 2025
WEEX Review: The Detailed Crypto Exchange Analysis in 2025
Crypto Updates

WEEX Review: The Detailed Crypto Exchange Analysis in 2025

30 July 2025
Bitcoin Net Realized Profit Drops To $1.4B As Market Absorbs Galaxy’s 80K BTC Distribution | Bitcoinist.com
Crypto Updates

Bitcoin Net Realized Profit Drops To $1.4B As Market Absorbs Galaxy’s 80K BTC Distribution | Bitcoinist.com

30 July 2025
“Governments and Banks Would Stop Bitcoin as a Threat,” Says DGM Tech Solutions CEO
Crypto Updates

“Governments and Banks Would Stop Bitcoin as a Threat,” Says DGM Tech Solutions CEO

31 July 2025
Next Post
Learn Bitcoin, Earn Bitcoin: Announcing Unchained as Title Sponsor for 21 Days of Bitcoin Educational Course

Learn Bitcoin, Earn Bitcoin: Announcing Unchained as Title Sponsor for 21 Days of Bitcoin Educational Course

META Spotlights 2024’s Tech Transformation: Metaverse, AI, and Mobile Messaging

META Spotlights 2024's Tech Transformation: Metaverse, AI, and Mobile Messaging

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

FTT jumps 7% as Backpack launches platform to help FTX victims liquidate claims – CoinJournal

19 July 2025
PENDLE token goes live on BeraChain and HyperEVM to expand cross-chain utility – CoinJournal

PENDLE token goes live on BeraChain and HyperEVM to expand cross-chain utility – CoinJournal

30 July 2025
BNB Price Gears Up for Upside Break — Will Bulls Deliver?

BNB Price Gears Up for Upside Break — Will Bulls Deliver?

8 July 2025
Something Big Is Coming For XRP On July 9—Why It Matters

Something Big Is Coming For XRP On July 9—Why It Matters

8 July 2025
XRP could rally higher on steady capital inflow; check forecast

XRP could rally higher on steady capital inflow; check forecast

8 July 2025
10 Most Popular Bitcoin Mining Apps for Android & iOS in 2025 | Earn Crypto Fast

10 Most Popular Bitcoin Mining Apps for Android & iOS in 2025 | Earn Crypto Fast

24 May 2025
Spot Solana ETF Race: 21Shares Updates Application After US SEC Requests Amendments | Bitcoinist.com

Spot Solana ETF Race: 21Shares Updates Application After US SEC Requests Amendments | Bitcoinist.com

31 July 2025
Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

31 July 2025
Bitcoin Whales Bought 1% of Circulating BTC Supply in Past 4 Months – Decrypt

Bitcoin Whales Bought 1% of Circulating BTC Supply in Past 4 Months – Decrypt

31 July 2025
XRP inflows drop 95% since July spike, while Chaikin data signals possible rally – CoinJournal

XRP inflows drop 95% since July spike, while Chaikin data signals possible rally – CoinJournal

31 July 2025
JPMorgan & Coinbase Team Up: Crypto From Rewards Coming

JPMorgan & Coinbase Team Up: Crypto From Rewards Coming

31 July 2025
Altcoins Stay In Danger Zone Until Bitcoin Clears This Level: Analyst

Altcoins Stay In Danger Zone Until Bitcoin Clears This Level: Analyst

31 July 2025
Facebook Twitter Instagram Youtube RSS
Coin Digest Daily

Stay ahead in the world of cryptocurrencies with Coin Digest Daily. Your daily dose of insightful news, market trends, and expert analyses. Empowering you to make informed decisions in the ever-evolving blockchain space.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Web3

SITEMAP

  • About us
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • Metaverse
  • Web3
  • DeFi
  • Analysis
  • Scam Alert
  • Regulations

Copyright © 2024 Coin Digest Daily.
Coin Digest Daily is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$118,493.000.61%
  • ethereumEthereum(ETH)$3,802.320.25%
  • rippleXRP(XRP)$3.12-0.50%
  • tetherTether(USDT)$1.00-0.01%
  • binancecoinBNB(BNB)$809.042.31%
  • solanaSolana(SOL)$179.060.27%
  • usd-coinUSDC(USDC)$1.00-0.01%
  • staked-etherLido Staked Ether(STETH)$3,796.700.28%
  • dogecoinDogecoin(DOGE)$0.220051-0.48%
  • tronTRON(TRX)$0.3287680.92%