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SBF says Sullivan & Cromwell has disagreed with bankruptcy claims

Published on

January 18, 2023
Read Time:1 Minute, 54 Second

Regulation agency Sullivan & Cromwell has contradicted itself when it claims that closed crypto trade FTX.US is in chapter, in response to former CEO Sam Bankman-Fried (aka "SBF") in a Jan. 17 weblog submit, which was shared on Twitter.

FTX US stays solvent.https://t.co/XjcyYFsoU0 pic.twitter.com/kn9Wm9wxjl

— SBF (@SBF_FTX) January 18, 2023

The legislation agency has been retained by FTX Group to handle the chapter proceedings of a number of of its subsidiaries, together with FTX Worldwide, Alameda Analysis and FTX.US. Nonetheless, Sam Bankman-Fried has said a number of instances that he believes FTX.US is solvent and shouldn't have filed for chapter.

In an opinion filed In the US Chapter Court docket for the District of Delaware on Jan. 17, Sullivan and Cromwell reiterated their competition that FTX.US is bancrupt, stating, "The belongings recognized as of the submitting date are considerably lower than the sum of third-party buyer balances that be recommended by the digital ledger for FTX US.”

In its submit, SBF dismissed this declare, stating that the agency contradicted itself:

“Later in the identical report, S&C broadcasts that along with the $181 million in tokens, FTX US has a further $428 million in financial institution accounts — bringing complete belongings to round $609 million[…]As such, FTX US had at the very least $111 million and sure round $400 million in extra money on prime of what was required to steadiness buyer balances.”

The previous CEO concluded: “FTX US is solvent. Purchasers ought to have entry to their funds.”

SBF stepped down as CEO of crypto trade FTX on November 11, 2022, and John J. Ray III was named the corporate's new CEO. On December 13, SBF was charged with fraud by the US Securities and Change Fee in reference to FTX's chapter. The SEC claimed he “managed a years-long rip-off to cover it from FTX traders[…]the undisclosed diversion of FTX consumer funds to Alameda Analysis LLC, his non-public crypto hedge fund.” He has pleaded not responsible and is at the moment awaiting trial.

After being launched on bail, SBF started publishing weblog posts on Substack beginning Jan. 12, however many within the crypto group have been unimpressed by his writings.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 18, 2023
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