The complaint against Fenwick & West alleges that the law firm provided services “far beyond the services that a law firm should and generally provides to FTX Group companies”, while the firm only claims to operate within this framework. They stated that they had no information about the fraud case that occurred last year.

In response to a piece of evidence, the law firm claims to have done the following in response to an email from FTX’s head lawyer Daniel Friedberg to Fenwick, “FTX holds some cash and cryptocurrency, it is held by Alameda for the benefit of FTX customers; “Fenwick’s not reasonably claiming to know about FTX’s alleged violation.” He said.

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The Salvation of Marketers

Many celebrities such as Tom Brady, Gisele Bündchen, Stephen Curry, Larry David, Shaquille O’Neal, David Ortiz and Naomi Osaka have filed petitions for the dismissal of the lawsuit against them.Some also claim that these individuals actively collaborated in the FTX fraud.

However, the plaintiffs do not claim a fact supporting the allegations that celebrities participated in the “secret plan managed by a handful of FTX employees”.

Last week, three FTX marketers, Jaguars playmaker Trevor Lawrence and YouTube sensations Kevin Paffrath and Tom Nash, resolved the lawsuits against them. The parties involved have not yet announced the settlement conditions.

Also, both Fenwick & West and other celebrities requested a hearing on their requests to dismiss the lawsuit against them.

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The post Former Ftx Law Firm Denies Lawsuit Filed Against Them! appeared first on Coin Engineer.

Late last night, FTX made a significant move by filing a lawsuit against the employees of Salameda, which FTX alleges is under the control of its former CEO, Sam Bankman-Fried, aiming to recover their funds. FTX sued former employees for a substantial $157 million.

The lawsuit asserts that individuals including Michael Burgess, Matthew Burgess, Lesley Burgess, Kevin Nguyen, and Darren Wong, who have accounts registered on FTX.com and FTX US, exerted control over several companies and fraudulently withdrew assets on the days when FTX declared bankruptcy.

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According to the Court file, “As of August 31, 2023, it pointed out that these assets collectively held a value of approximately $157.3 million.”

The Court file states, “Defendant Michael Burgess orchestrated each of these transfers from one of the FTX US foreign exchange accounts to other exchanges, presenting them as if the account were under his ownership, with the intention of obstructing, delaying, or defrauding the current or future creditors of FTX US.”

It was determined that Burgess engaged in illicitly selling cryptocurrencies from numerous FTX accounts and transferring this money, which did not rightfully belong to him, to other exchanges. Furthermore, the investigation established that other defendant FTX managers unlawfully moved assets, not rightfully theirs, to other exchanges after FTX announced bankruptcy.

Authorities who researched the complaints they received realized this situation and sued the Salameda managers who committed such irregularities. In this lawsuit, the authorities said they were working to recover these stolen funds.

The post FTX Sued Former Employees for $157 Million! appeared first on Coin Engineer.

On November 11, 2022, they announced that they would send an email to former customers of cryptocurrency exchange FTX, which filed for Bankruptcy, to claim their debts.

This email contained a link to the Customer Information Request Portal and was given until September 29 to complete this form.

In the announcement he made on his Twitter account on July 11, 2023, for FTX, he announced that the Customer Information Request Portal was activated. Through this portal, FTX customers will be able to claim their debts.

In addition, Customers will be able to use the portal to verify their existing account balances on November 11, 2022.

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This portal was launched to allow customers with accounts on FTX.com, FTX.us, FTX EU, Blockfolio, FTX JP, and cryptocurrency exchange Liquid to claim their debt.

At the same time, this portal was opened to enable customers to get their funds repaid more quickly.

However, the portal which opened on July 10, is currently inactive. FTX did not make any statement about the disabled portal.

The post FTX Launched Customer Information Request Portal appeared first on Coin Engineer.