{"id":8763,"date":"2024-05-26T06:10:00","date_gmt":"2024-05-26T06:10:00","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=8763"},"modified":"2024-05-26T05:32:22","modified_gmt":"2024-05-26T05:32:22","slug":"sullivan-cromwell-cleared-of-wrongdoing-in-ftx-case","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/sullivan-cromwell-cleared-of-wrongdoing-in-ftx-case\/","title":{"rendered":"Sullivan & Cromwell Cleared of Wrongdoing in FTX Case"},"content":{"rendered":"\n

An investigation into Sullivan & Cromwell LLP, the law firm associated with the now-defunct crypto exchange FTX, has revealed that the firm was neither involved in the fraud nor aware of the financial troubles that led to the platform’s collapse.<\/p>\n\n\n\n

Investigation Findings<\/h3>\n\n\n\n

Former U.S. prosecutor Robert Cleary conducted the investigation and disclosed that Sullivan & Cromwell LLP was not implicated in the fraud at FTX. Cleary\u2019s report, as cited by Reuters, found no evidence that the law firm overlooked \u201cred flags\u201d while handling the FTX bankruptcy and the ultimately unsuccessful acquisition of Voyager Digital.<\/p>\n\n\n\n

Also Read: FTX Announces Overpayment Plan for Creditors<\/a><\/p>\n\n\n\n

False Statements Without Knowledge<\/h3>\n\n\n\n

The investigation highlighted that while Sullivan & Cromwell conveyed false statements to third parties, the firm was unaware of the inaccuracies. One notable instance occurred during the Voyager acquisition, where Sullivan & Cromwell partner Andy Dietderich believed FTX\u2019s finances were “rock solid” on the same day Sam Bankman-Fried was searching for a buyer or investor for FTX.<\/p>\n\n\n\n

Sullivan & Cromwell’s Response<\/h3>\n\n\n\n

Following the conclusion of the investigation, Sullivan & Cromwell responded to Cleary’s findings. The firm expressed confidence in its previous work with FTX, stating, \u201cSullivan & Cromwell remains confident in our pre-petition work for FTX and the commencement of the Chapter 11 cases, and we welcome the examiner\u2019s findings to date rejecting various baseless allegations about our work for FTX.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

An investigation into Sullivan & Cromwell LLP, the law firm associated with the now-defunct crypto exchange FTX, has revealed that the firm was neither involved in the fraud nor aware of the financial troubles that led to the platform’s collapse. Investigation Findings Former U.S. prosecutor Robert Cleary conducted the investigation and disclosed that Sullivan & […]<\/p>\n","protected":false},"author":13,"featured_media":8764,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43,40],"tags":[],"class_list":{"0":"post-8763","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general-news","8":"category-regulation"},"acf":[],"yoast_head":"\nSullivan & Cromwell Cleared of Wrongdoing in FTX Case<\/title>\n<meta name=\"description\" content=\"An investigation into Sullivan & Cromwell LLP, the law firm associated with the now-defunct crypto exchange FTX, has revealed that the firm was\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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