202222 Nov

FTX lawyer calls this case a different sort of animal in first bankruptcy hearing

Summary

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, on Thursday, Oct. 13, 2022. FTX lawyers have also made reference to cyberattacks, suggesting there were multiple attacks beyond the $477 million hack that occurred shortly after the company entered bankruptcy on Nov. 11. Bankman-Fried exercised a level of control over the business that "none of us have ever seen," Bromley said, referring to the bankruptcy experts and attorneys the company has employed as part of the restucturing process. The largest geographic areas represented included: "We will be before you quite quickly with an attempt to sell certain of the business that we understand [...] are self-sufficient and robust [with] interest from others," Bromley added. Lawyers have walked through the history of FTX and affiliated companies, pointing at the creation of the FTT token in April 2019 and the foundation of the Alameda entities in November 2017.

Source: Cnbc

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