FTX sees flurry of rulings, revelations and subpoenas in civil, criminal courts Cryptocurrencies
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Sam’s lawyer claimed he only used the VPN to watch NFL football games, but prosecutors worried he could use the technology to “access international crypto exchanges, allow data transfers without detection and offer a covert method of getting onto the dark web.” Other FTX company insiders include former Alameda Research CEO Caroline Ellison and FTX cofounder Gary Wang, both of whom cut deals to cooperate with the Justice Department in December, and Nishad Singh, who is being asked to share documentation on FTX’s automated liquidation engine which allegedly contained exceptions for Alameda and who also recently met with prosecutors.
“There’s no question that if an examiner is appointed here, the cost of the examination given the scope suggested by the Trustee at the hearing, would be in the tens of millions of dollars, and would likely exceed one hundred million dollars,” Dorsey said. “Every dollar spent in these cases on administrative expenses is a dollar less to the creditors.”
FTX lawyers addressed Shore’s statements in the context of the cooperation agreement struck between the U.S. and Bahamian bankruptcy lawyers, saying there remains a great deal to be resolved. The Modulo Capital story echoes themes that run through all of Bankman-Fried’s business dealings, where personal relationships result in very senior roles for relatively inexperienced people.
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