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Controversial law firm Sullivan & Cromwell is on track to reap a fortune from its work on the bankruptcy case of the FTX cryptocurrency exchange, according to a new report.Sullivan & Cromwell’s costs in the FTX case are estimated to reach hundreds of millions of dollars before the firm’s bankruptcy
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The crypto exchange wants to question its founder’s family as it seeks to locate allegedly misappropriated funds Source
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Crypto-versed lawyers will play an increasingly important role in Web3 firms — particularly after the implosion of FTX and the industry braces for regulatory turbulence, two legal academics believe.Boston Law School professor and chief compliance officer at crypto exchange Bitstamp, Thomas Hook, told Cointelegraph that Web3 lawyers will soon become “business
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Non-fungible tokens (NFTs) are becoming an increasingly popular solution to serving defendants in blockchain-based crimes that would otherwise be unreachable, according to crypto lawyers.The last year has seen an increase in litigation delivered over NFTs in cases where those accused of blockchain crime wereuncontactable through traditional methods of communication.In November
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According to a declaration filed by Genesis interim CEO Derar Islim, the company has more than $5 billion in liabilities – a sum considerably larger than its assets which, according to a presentation to the court on Monday, include approximately $150 million in unencumbered cash, $500 million in digital assets,
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Three men reportedly drove their car into the metal barricade outside Sam Bankman-Fried’s parent’s home where he is currently under house arrest, SBF’s lawyers claim. In a filing to the federal court, the lawyers for the former FTX CEO said the three men got out of the car after hitting
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The CEO of crypto exchange FTX has rejected calls for its law firm Sullivan & Cromwell to be replaced as lead counsel in its bankruptcy case. John J. Ray III, who was appointed as the new FTX CEO on Nov. 11, filed a court motion on Jan. 17, arguing that Sullivan
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At the risk of offending their crypto employers, Goldsmith Romero said the experienced hands – also including the investment firms backing these companies – “need to step up, and call for compliance, controls and other governance, without allowing the promise of riches and the company’s marketing pitch to silence their
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“S&C’s disclosures as filed are wholly insufficient to evaluate whether S&C satisfies the Bankruptcy Code’s conflict-free and disinterestedness standards,” said Trustee Andrew Vara, a Department of Justice official responsible for bankruptcy cases. “The incomplete disclosures are a sufficient and independent reason to deny the application.” Source
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FTX’s bankruptcy judge has reportedly slammed the joint letter from four United States senators calling for an independent examiner in the FTX bankruptcy case.As reported by Cointelegraph, the senators sent a letter on Jan. 9 highlighting concerns about the ties between FTX and their legal representative, Sullivan & Cromwell LLP.
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