Sam Bankman-Fried (SBF) looking to collect some documents from the old FTX & Alameda Research’s law firm.
Sam Bankman-Fried (SBF) is a co-founder & former CEO of the FTX crypto exchange. In Nov 2022, the FTX exchange collapsed badly and days later filed for bankruptcy with nearly 120 of its affiliated firms e.g. FTXUS, Alameda Research, etc. At present, SBF is facing several criminal & fraud charges. Allegedly SBF misused the FTX customer’s fund for personal benefits & that was the main reason behind the bankruptcy of the exchange.
Fenwick & West is a law firm that served as the outside counsel to FTX, Alameda Research, and SBF personally, until FTX’s bankruptcy.
SBF wants subpoena documents from Fenwick & West and SBF defense lawyers are planning to use those old legal documents in the court in favor of SBF.
In response, FTX’s old law firm submitted a memorandum in the court & confirmed that it is not able to hand over any legal documents to SBF or its lawyers, without the permission of the FTX debtors.
The law firm’s memorandum confirmed that “The FTX Debtors have given the Government full access to its documents, without the need to issue subpoenas, and are so enmeshed in the Government’s investigation that they must be considered part of the ‘prosecution team’ for purposes of the Government’s discovery obligations.”
In the US, SBF was facing 13 charges. 5 out of these charges have been dismissed and 8 charges are still active. If 8 charges are proven against SBF then he may go to jail for up to 115 years.
FTX revive plan
The recent court documents showed that the current FTX CEO John Ray lll is planning to restart the FTX exchange. However, Ray failed to talk about his plan officially over the last couple of months but still insiders are confident that Ray may bring a better path to bring FTX2.0.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.