Former FTX CEO’s SBF reconciles with investors through cooperation in lawsuit against promoter = Report

The post Former FTX CEO’s SBF reconciles with investors through cooperation in lawsuit against promoter = Report appeared on BitcoinEthereumNews.com.

Sam Bankman-Fried (SBF), founder of FTX Trading, a large cryptocurrency exchange company that collapsed through cooperation in an ongoing lawsuit, said he would settle with investors instead of providing information in a series of lawsuits surrounding the collapse of FTX. do. Bloomberg reported on April 20th. According to reports, in the settlement submitted to the U.S. federal court in Miami on April 20, the plaintiff is demanding that SBF cooperate with the prosecution of the person (promoter) who has been advertising FTX. Part of the settlement includes all of Mr. SBF’s non-public documents detailing his assets and investments in artificial intelligence startup Anthropic, an affidavit certifying that his net worth is negative, and other documents filed in the broader civil suit. It also includes the delivery of documents pertaining to the defendant. Once this settlement is established, Plaintiff will liquidate all current and future reports to SBF. SBF is said to have agreed to cooperate. The celebrities who were reported by the plaintiff in November 2022 as promoters of FTX include NFL quarterback Tom Brady, supermodel Gisele Bundchen, and former basketball player Shaquille O’Neal. Many famous people, including Mr. O’Neal, are listed. Additionally, although not named in Bloomberg’s report, Shohei Otani of the MLB Dodgers (then affiliated with the Angels) and tennis player Naomi Osaka were also reported. They were being reported for promoting unregistered securities on the exchange and deceiving inexperienced investors. According to trial documents, the settlement with the promoter is approximately $1.3 million, and if the plaintiff wins the case, there is a possibility that the plaintiff will receive a large amount of compensation. In addition to information about promoters, SBF also provides all information about venture capital companies that invested in FTX and accountants and lawyers who cooperated with the exchange. In March of this year, SBF was sentenced to 25 years in prison. In addition to being sentenced to prison, Mr. Lee is also being sentenced to confiscation of $11 billion in assets. FTX is giving up on reopening as an exchange and is adjusting its focus to liquidating assets to fully repay customers who had their crypto asset deposits locked up when it filed for bankruptcy in November 2022. Related news: FTX founder sentenced to 25 years in prison for fraud, etc. = Naomi Osaka also filed suit against NY IP, FTX gives up on restarting crypto asset exchange. SBF, former CEO of FTX, found guilty on 7 charges in criminal trial = Report Reference: Bloomberg images: Reuters Source: https://www.neweconomy.jp/posts/385143