FTX lawyers are trying to stop “Sam Bankman Fred” from behind the scenes…details here
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Answer FTX lawyers are trying to stop “Sam Bankman Fred” from behind the scenes…details here
The FTX crash story didn’t happen overnight but spanned nearly a week.
Much has been said about the liquidity crisis that Alameda Research and FTX faced, but only now has the behind-the-scenes information emerged.
Meanwhile, the negative effects of the collapse of the crypto empire continue to be felt.
Earlier, cryptocurrency bank BlockFi announced filing for Chapter 11 bankruptcy.
FTX lawyers are trying to control the former director of the company “SBF”:
After news broke of FTX’s liquidity crunch, focus was more on whether any investor would step up to save the company.
Read:Only 4 Cryptocurrency Exchanges With Over 100,000 Clients
Although Binance attempted an acquisition, it all fell short in the end.
Meanwhile, FTX lawyers are reportedly tied to pulling control of the company away from Sam Bankman Fred to pave the way for immediate bankruptcy.
According to the New York Times report, Bankman ignored warnings to prepare for bankruptcy in hopes of raising money.
From an internal email between FTX attorneys:
Exchanges must be stopped immediately.
The founding team is not currently in co-op mode.
The report stated that the lawyers’ attempts to wrest control were in vain.
Although the founder of FTX eventually stepped down as CEO, it may already be too late.
The ensuing crash caused retail investors to lose billions of dollars of their money.
Can FTX get back to normal?
The cryptocurrency trading platform told FTX that it has resumed paying salaries and benefits to employees around the world, which we have previously discussed in Bitcoin Arabs.
The FTX Group CEO said Monday that the FTX Group is resuming normal cash payments of salaries and benefits to employees around the world.
Read:MicroStrategy CEO Explains Why The Company Is Shifting $250 Million Towards Bitcoin
Read also:
Coinbase will stop supporting Ripple (XRP) and Bitcoin Cash (BCH) at this date!
FTX pays employees and service providers outside of the United States of America
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