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FTX Founder Sam Bankman-Fried Criticizes Law Firm Representing Bankrupt Cryptocurrency Exchange

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published May 10, 2023

By Author - LawCrossing

FTX Founder Sam Bankman-Fried Criticizes Law Firm Representing Bankrupt Cryptocurrency Exchange

Bankman-Fried Accused of Fraud, Money Laundering, and Campaign Finance Violations
Sam Bankman-Fried, the founder of FTX, has once again criticized the law firm representing the bankrupt cryptocurrency exchange. He is defending himself against multiple charges, including fraud, money laundering, and campaign finance violations. Bankman-Fried has requested that the current leadership of FTX and its attorneys at Sullivan & Cromwell be designated as part of the "prosecution team" in his criminal case. He argues that FTX and Sullivan & Cromwell provided such extensive cooperation to the government that they effectively worked with the prosecution. The 31-year-old former CEO is accused of using billions of dollars in customer funds to cover losses at his Alameda Research hedge fund.
 
Sullivan & Cromwell Previously Represented FTX in Transactions and Regulatory Matters
Sullivan & Cromwell, a well-known Wall Street law firm with 900 lawyers, previously represented FTX in transactions and regulatory matters before its collapse in 2022. Despite objections from FTX creditors and US lawmakers, the firm obtained court approval to advise FTX during its bankruptcy proceedings in January, despite concerns about conflicts of interest arising from their previous work with FTX.

Bankman-Fried Targets Sullivan & Cromwell and Current FTX CEO in Criminal Defense
United States
Following the exchange's collapse, Sam Bankman-Fried criticized Sullivan & Cromwell, cla they hurried FTX into bankruptcy and minimized their prior work for the business. The law firm has refuted these allegations. In his criminal defense, Bankman-Fried will also target Sullivan & Cromwell and current FTX CEO John Ray, according to Monday's filing in Manhattan federal court.

Representatives for Sullivan & Cromwell and FTX did not immediately respond to requests for comment, and a spokesperson for the US Attorney's office in Manhattan declined to comment. FTX and its Sullivan & Cromwell team accused Bankman-Fried of presiding over inadequate corporate controls. They stated that cooperation with the government was necessary to obtain a speedy indictment against Bankman-Fried and guilty pleas from other FTX executives.

Judge Approval of Bankman-Fried's Request Could Compel Sullivan & Cromwell to Provide Relevant Documents
Suppose the judge approves Bankman-Fried's request to designate them as part of the prosecution. In that case, they will be compelled to provide any relevant documents, including evidence that could support Bankman-Fried's defense. This obligation usually falls only on prosecutors. According to Monday's filing, Bankman-Fried's defense team accused Ray and FTX's bankruptcy lawyers of acting as "public mouthpieces" for the prosecution and providing "cherry-picked" information that incriminates Bankman-Fried.
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