Bankrupt crypto exchange FTX has announced it will be “resuming ordinary” cash payments, salaries and benefits to its remaining employees around the world. The announcement came from new FTX CEO John Ray III on Nov. 28, as the insolvency professional looks to help FTX and its approximated 101 affiliated companies (FTX Debtors) navigate their way through the U.S. Bankruptcy Court in Delaware. "With the Court's approval of our First Day motions and the work being done on global cash management, I am pleased that the FTX group is resuming ordinary course cash payments of salaries and benefits to our remaining …
The number of lawsuits against former FTX CEO Sam Bankman-Fried has been racking up since the fall of his crypto empire, with the former “white knight” of crypto finding himself a defendant in seven class action lawsuits filed since FTX’s bankruptcy. These lawsuits are separate from the numerous probes and investigations examining FTX and Sam Bankman-Fried, such as a reported market manipulation probe by federal prosecutors and the Federal Election Commission’s likely investigation into Bankman-Frieds dark money donations to the Republican Party. Below is a summary of the class-action lawsuits brought against Sam Bankman-Fried since Nov. 11. Dec. 7: Podalsky …
Sam Bankman-Fried’s (SBF's) lawyers have reached an agreement with federal prosecutors concerning his use of messaging apps. According to a Feb. 6 court document, both parties have agreed SBF “shall not use any encrypted or ephemeral call of messaging application, including but not limited to Signal.” However, under the agreement, the former FTX CEO will be able to access FaceTime, Zoom, iMessage, SMS text, email and Facebook Messenger. He will also be allowed to use the encrypted messaging service WhatsApp but only if “monitoring technology is installed on his cellphone that automatically logs and preserves all WhatsApp communications.” The latest …
Sam Bankman-Fried, the former CEO of crypto exchange FTX may no longer be able to play League of Legends and other video games if newly proposed changes to his bail conditions from United States prosecutors are approved. In a Feb. 15 letter to United States District Judge Lewis Kaplan, U.S. Attorney Damian Williams asked the courts to further expand restrictions surrounding Bankman-Fried’s electronic device usage. They pointed to Bankman Fried’s recent device usage as cause for concern, and agreed with the court’s intuition that it was “shortsighted” by focusing only on apps, adding: “There is now a record before the …
An investor with nearly $2 million worth of funds frozen in bankrupt cryptocurrency lender BlockFi has filed a class action complaint against its founders, two directors and crypto exchange Gemini. In a Feb. 28 complaint filed in the U.S. District Court for the District of New Jersey, investor Trey Greene accused the defendants of numerous wrongdoings, including violating the consumer fraud and exchange acts, breaching its fiduciary duties, as well as offering and selling unregistered securities. “The unregistered securities sold by the BFI [BlockFi] Defendants on behalf of BlockFi were marketed and sold via a steady stream of misrepresentations and …