The FTX debtors said they had paid the 14 consultancy firms and the law firms handling its bankruptcy case over $100 million as of April 30, according to a May 30 court filing. Sullivan & Cromwell is top earner According to the filing, FTX paid law firm Sullivan & Cromwell (S&C) $39.58 million for its…
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FTX management said Sam Bankman-Fried (SBF) and other top executives of the bankrupt firm received $3.2 billion in payments and loans — mainly from its sister company, Alameda Research. According to a March 15 statement, SBF received $2.2 billion from this payout. Other executives like former FTX director Nishad Singh, FTX co-founder Gary Wang, former…
Ad The U.S. prosecutors said FTX founder Sam Bankman-Fried used Virtual Private Network (VPN) to access the internet on Jan. 29 and Feb. 12, according to a Feb. 13 letter to Judge Lewis Kaplan. The prosecutors said SBF’s VPN use raises concern because the mechanism could hide online activities, make data transfers, and access the…
The U.K.’s Charity Commission has launched a probe into an FTX Foundation-funded charity, Effective Ventures Foundation, according to a Jan. 30 statement. FTX’s bankruptcy is a “serious incident” because its “philanthropic foundation was a significant funder of the charity,” the Charity Commission said. It added that there were no indications of any wrongdoing by the…
FTX founder Sam Bankman-Fried (SBF) said on Jan. 17 that FTX.US was solvent, adding that customers should be given access to their funds. SBF was reacting to new revelations made by the FTX management about the shortfalls in the U.S. subsidiary. The claims are “misleading” because it does not consider the $428 million in the…
FTX founder Sam Bankman-Fried wants to retain control of Robinhood shares worth $450 million on the basis that the bankrupt exchange has no “legal claims” over the assets, according to a Jan. 5 court filing. SBF said he and Gary Wang originally owned the shares. He added that the shares are not owned by Alameda…
Caroline Ellison, the CEO of Alameda Research, won’t face any criminal charges for her role in the FTX fiasco. Ellison’s plea agreement with a New York court was unsealed on Dec. 22, showing that she faces only a fine and forfeiture of assets for pleading guilty. According to the agreement, she won’t be prosecuted if…
FTX founder Sam Bankman-Fried spent his first night in prison “in good spirits,” the Nassau Guardian reported, citing Bahamas Acting Commissioner of Corrections Doan Cleare. The acting commissioner said SBF was spending his time in the prison’s sick bay and was receiving his medications on time. “He is with five other inmates in a dorm-style…
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