September 25th, Tom Brady, Gisele Bundchen, Stephen Curry, Larry David, Shaquille O'Neal, David Ortiz, and Naomi Osaka, former endorsers of FTX, filed a separate motion to dismiss a lawsuit against them, which accuses the defendants of participating in FTX fraud as part of a secret FTX plan carefully planned by a few FTX insiders. The motion argues that the plaintiffs "have not provided any factual support for their claims" that celebrities were involved in the secret FTX plan.
Fenwick & West, FTX's former law firm, denied allegations of assisting the bankrupt cryptocurrency exchange FTX in setting up multiple "shadow entities" that allowed FTX co-founder SBF and other executives to engage in creative but illegal strategies to continue fraudulent activities. The law firm has filed a motion to dismiss the lawsuit, claiming that the services it provided to FTX were standard legal services and that it had no knowledge of any fraudulent activity.
Coingecko stated that in the year before FTX's bankruptcy, FTX CEO SBF donated at least $46 million to political groups, with 89.2% of his donations going to the Democratic Political Action Committee (POF PAC), the House Majority PAC, and other liberal groups such as Future America. SBF had previously pledged to donate up to $1 billion during the 2024 election cycle.
Sam Bankman-Fried, the former CEO of FTX, has been denied temporary release by the US Court of Appeals for the Second Circuit. Bankman-Fried's legal team had argued for his release on First Amendment grounds, but the court rejected their arguments. Bankman-Fried is facing charges of witness tampering and fraud, and his trial is set to begin on October 3. If convicted, he could face a prison sentence of over 100 years.
The U.S. Department of Justice has requested an extension to the trial date of FTX co-founder Sam Bankman-Fried. The trial is set to begin on October 3rd, but prosecutors believe more time is necessary for witness hearings and to ensure an efficient pace of the trial. The government is also scheduling travel for out-of-town witnesses and is requesting an additional sitting to help with the jury's time, witnesses' travel schedules, and trial pace. Meanwhile, Sam Bankman-Fried's attorneys and prosecutors will present their arguments to a three-judge panel of the 2nd U.S. Circuit Court of Appeals on Tuesday regarding a potential bail.
Crypto exchange FTX has filed a lawsuit against the parents of its founder and former CEO, Sam Bankman-Fried, accusing them of fraudulently transferring and misappropriating millions of dollars. The lawsuit seeks damages, the return of any property or payments made to the parents by FTX, and punitive damages resulting from their "conscious, willful, wanton, and malicious conduct."
According to the settlement agreement reached by the three defendants (Trevor Lawrence, quarterback of the Jacksonville Jaguars, YouTube celebrity Keven Paffrath, and Tom Nash) and the plaintiff in the FTX class action lawsuit, no details or settlement terms were disclosed in the document. In addition, the lawyer for the class action lawsuit stated that they "are in confidential settlement discussions with other FTX defendants", with mediation scheduled for October and November.
Three celebrity endorsers of FTX, including NFL quarterback Trevor Lawrence, have agreed to settle allegations that they helped defraud investors who lost billions of dollars in the collapse of FTX. Other celebrity supporters of FTX, including Tom Brady, Gisele Bundchen, Shaquille O’Neal, and Larry David, have also been sued.
The Delaware Bankruptcy Court has given approval for FTX, a bankrupt crypto exchange, to sell its $3.4 billion worth of crypto holdings and repay its creditors. Judge John Dorsey dismissed two objections that had been raised in opposition to the plan during a court hearing.
Ftx Can Sell $50 Million in Tokens This Week and Next, After Which the Weekly Limit Will Increase to $100 Million
According to a TechFlow report, Hal Press, CEO of North Rock Digital hedge fund, commented on his understanding of FTX's liquidation plan after attending a hearing: