Yunus Taşlı 
FTX advisors, in response to recent court orders from the FBI field office, have handed over data related to the transactions and accounts of customers of the now bankrupt cryptocurrency exchange FTX to law enforcement. According to court documents disclosed by Bloomberg, FTX’s advisors turned over information about the customers’ relations with the Federal Bureau of Investigation (FBI) and about their accounts to the FBI during the period that FTX had gone bankrupt.
Alvarez and Marsal, the company providing financial advisory services to FTX, disclosed the FBI’s requests in their invoice records. During this period, the firm’s employees provided information about the trades of specific customers for the FBI offices in Portland, Philadelphia, Oakland, Minneapolis, and Cleveland. The invoice records do not reveal what kind of investigations the FBI was conducting or whom it was targeting. However, some records made references to grand jury subpoenas.
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Alvarez and Marsal disclosed in a court file in September that they had shared transaction data from FTX’s cloud computing provider. They also responded to the FBI’s Philadelphia office and provided information about customer accounts and transactions in July at the request of the FBI’s Oakland office.
As a result, the cost will be borne by FTX customers. According to Bloomberg, in July, August, and September, two advisors invoiced over $21,000 for services associated with the FBI. According to court records, since November 2022, Alvarez and Marsal have charged FTX a total of approximately $100 million. These fees will be deducted from the assets recovered by FTX’s customers.
John J. Ray III, the new CEO of FTX, recently announced that, as a result of a settlement between FTX creditors and debtors, exchange customers would be able to recover over 90% of their assets by the end of 2024.
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