A group of FTX investors and customers have settled their civil case against Sam Bankman-Fried, the disgraced founder of the bankrupt cryptocurrency exchange.
Today, Bankman-Fried agreed to cooperate with creditors by providing non-confidential documents and information regarding other defendants. In exchange, creditors will drop their civil action against the troubled founder and focus on other parties involved in the stock market's collapse.
Sam Bankman Fried calls out crypto influencers
The creditors intend to use the information shared in their class action lawsuits. Thus, Bankman Fred will provide information on famous stock market promoters, including... Shaquille O'Neal Tom Brady, Katy Perry and Naomi Osaka.
It will also provide information on FTX's interactions with other entities. For example: law firm Sullivan and Cromwell, venture capital firms Sino, K5 Global, Multicoin, Deltec Bank and accounting firm Prager.
Additionally, creditors want additional details about FTX's affiliations with the Golden State Warriors, Formula 1 racing and Major League Baseball. Additionally, they want information on companies such as Mercedes-Benz Racing Team, Creative Agency and Lincoln Holdings.
“At the request of Class Representatives, Sam Bankman-Fried will voluntarily provide documents and information to the extent Class Representatives can reasonably access them without a subpoena, upon reasonable notice, and provide truthful representations or depositions on request,” he says. was indicated in the file.
👈Read more: After judging those who taught them the fraud... what will happen to Sam Bankman's friends, Fred?
Sunil Kavori, one of FTX's main creditors, described the deal as a big win for customers. According to him, FTX liquidators, led by CEO John Ray and the law firm Sullivan & Cromwell, blocked class action efforts.
Thus, the settlement with Bankman-Fried aims to reveal more prospects for litigation against possible accomplices involved in the stock market collapse.
He added Kafouri said: “(The) truth (will prevail) (and) the complicit conspirators will be held accountable. »
Bankman-Fried was convicted and later sentenced to 25 years in prison. The court ruled that he moved FTX client money to his hedge fund, Alameda Research. It is also alleged that this money was used for political contributions, high-end real estate purchases and speculative projects.
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