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Founded Year

2018

Stage

Bankrupt/Admin | Bankrupt

Total Raised

$1.829B

Revenue

$0000 

About FTX

FTX operates as a cryptocurrency exchange platform for traders. It offers products such as derivatives, options and volatility products, tokenized stocks, prediction markets, leveraged tokens, and more. It was founded in 2019 and is based in Nassau, Bahamas. In November 2022, FTX filed for bankruptcy.

Headquarters Location

Veridian Corporate Center Building 27, Western Road

Nassau,

Bahamas

+60 11-3400 8099

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Expert Collections containing FTX

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

FTX is included in 4 Expert Collections, including Blockchain.

B

Blockchain

7,936 items

Companies in this collection build, apply, and analyze blockchain and cryptocurrency technologies for business or consumer use cases. Categories include blockchain infrastructure and development, crypto & DeFi, Web3, NFTs, gaming, supply chain, enterprise blockchain, and more.

F

Fintech

12,502 items

Excludes US-based companies

F

Fintech 100

250 items

250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.

B

Blockchain 50

50 items

Latest FTX News

S&C Under Fire: FTX’s Bankruptcy Legal Counsel Faces Lawsuit

Feb 20, 2024

Views: 0 The collapse of the digital asset exchange FTX has sparked a legal firestorm, with investors taking aim at Sullivan and Cromwell (S&C), the law firm tasked with overseeing FTX’s bankruptcy proceedings. Allegations of fraud and misconduct have been hurled at the law firm, raising concerns about its role in the exchange’s downfall. Sullivan & Cromwell, established in 1879, ranks as one of America’s largest law firms. It specializes in digital asset matters, recently advising Coinbase in its SEC dispute and potentially monitoring Binance’s settlement. In November, Bankman-Fried was found guilty of using customer funds for risky investments, political contributions , and real estate. The Allegations Against Sullivan and Cromwell The now-bankrupt exchange’s investors have filed lawsuits against S&C, accusing the law firm of aiding and abetting fraudulent activities that contributed to the exchange’s collapse. The complaints allege that S&C’s involvement went beyond typical legal advisory roles, with the firm accused of devising misleading strategies that facilitated the exchange’s improper operations. The lawsuit mentions Sam Bankman-Fried, ex-FTX CEO, frequenting S&C’s New York offices due to “close relationship”. The grievance lodged by the investor states: “[Sullivan & Cromwell’s services] went well beyond those a law firm should and ordinarily provides […] Lawyers were eager to craft not only creative but misleading strategies that furthered FTX’s misconduct […] S&C knew of FTX US and FTX Trading Ltd.’s omissions, untruthful and fraudulent conduct, and misappropriation of Class Members’ funds. Despite this knowledge, S&C stood to gain financially from the FTX Group’s misconduct and so agreed, at least impliedly, to assist that unlawful conduct for its own gain.” Deepening Legal Entanglements Sullivan & Cromwell’s extensive legal engagements with FTX have come under scrutiny, with the firm reportedly managing multiple legal matters for the exchange and its founder, Sam Bankman-Fried. Investors claim that S&C had intricate knowledge of FTX’s financial dealings and actively participated in the mismanagement of customer funds. The relationship between FTX and S&C deepened when Ryne Miller, a former member of the law firm, joined the bankrupt exchange as its general counsel. Miller allegedly prioritized funneling business back to his old firm, resulting in numerous engagements between S&C and the exchange. This close relationship has raised questions about conflicts of interest and impartiality. Daniel Friedberg, who previously served as the chief regulatory officer at FTX, in a separate submission to the court, stated : “Mr. Miller informed me that it was very important for him personally to channel a lot of business to S&C as he wanted to return there as a partner after his stint at the Debtors,” A scathing objection to Sullivan & Cromwell serving as FTX counsel from the former FTX Chief Regulatory Officer, who’s likely cooperating w/DOJ. This explosive filing alleges colossal S&C conflicts & 4 big claims against S&C relating to the FTX bankruptcy. https://t.co/EPmuf90arF pic.twitter.com/0daIcj9WJi Financial Implications Sullivan & Cromwell’s financial gains from its involvement with FTX are staggering, with reports indicating that the firm earned over $180 million from related matters. This substantial income has fueled suspicions about the firm’s motivations and potential conflicts of interest. Reports indicate that Between November 2022 and November 2023, S&C billed over $153 million for services in the exchange’s bankruptcy, averaging around $11.8 million monthly. Legal Battles and Scrutiny The lawsuits against S&C represent a new chapter in the legal battle following the exchange’s collapse. U.S. Senators have previously raised concerns about the firm’s impartiality, and a federal appeals court has ordered an independent examiner to investigate the collapse, citing potential conflicts concerning S&C’s prior work for the exchange. Notably, Andy Dietderich’s team at the firm, serving as the exchange’s primary bankruptcy counsel, had assured judge on Jan 31 that FTX intends to fully reimburse customers. A representative from the legal firm refuted any allegations of misconduct and said: “S&C never served as primary outside counsel to any FTX entity. The firm had a limited and largely transactional relationship with FTX and certain affiliates prior to the bankruptcy, as is common, and is disinterested as required by the Bankruptcy Code” Implications for S&C The allegations against S&C have cast a shadow over the firm’s reputation and raised questions about its involvement in FTX’s downfall. The legal battle underscores the intricate connections between legal advisors and their clients within the volatile digital asset market, highlighting the need for transparency and accountability in legal proceedings. As the legal saga surrounding the now bankrupt exchange continues to unfold, the spotlight remains firmly on Sullivan & Cromwell. With investors seeking justice and accountability, the outcome of these lawsuits could have far-reaching implications for both the firm and the broader digital asset industry. As the investigations progress, all eyes will be on the courts to deliver a fair and transparent resolution to this complex legal drama.

FTX Frequently Asked Questions (FAQ)

  • When was FTX founded?

    FTX was founded in 2018.

  • Where is FTX's headquarters?

    FTX's headquarters is located at Veridian Corporate Center, Nassau.

  • What is FTX's latest funding round?

    FTX's latest funding round is Bankrupt/Admin.

  • How much did FTX raise?

    FTX raised a total of $1.829B.

  • Who are the investors of FTX?

    Investors of FTX include Lightspeed Venture Partners, Temasek, Insight Partners, New Enterprise Associates, Paradigm and 39 more.

  • Who are FTX's competitors?

    Competitors of FTX include Xena Exchange and 4 more.

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