• Crypto exchange told: Main winding-up venue should be this nation
Tribune Business Editor
A former FTX senior attorney yesterday alleged that “false statements” were made in legal filings to “diminish” The Bahamas after the crypto exchange was advised this nation should be the main venue for its liquidation.
Daniel Friedberg, ex-chief regulatory officer for FTX Trading, backed assertions by Ryan Pinder KC, the attorney general, and the crypto exchange’s Bahamian provisional liquidators that attacks on this nation by its Chapter 11-appointed US chief were motivated by a desire to establish Delaware as the main jurisdiction and then earn the lucrative fees associated with the winding-up
In an explosive affidavit, filed yesterday in the Delaware Bankruptcy Court, he alleged that Ryne Miller, FTX US’ attorney, informed him that all the crypto exchange’s units - including FTX Digital Markets, the Bahamian subsidiary that managed the international business - “had to” file for Chapter 11 protection to ensure his former law firm, Sullivan & Cromwell, handled the bankruptcy proceedings.
The US law firm, which has acted for FTX US chief, John Ray, since the bankruptcy filings in early November, is facing increasing opposition over its bid to be approved by the Delaware court to continue acting in this capacity. In particular, Sullivan & Cromwell is facing multiple ‘conflict of interest’ allegations given that it previously acted for FTX on...
Tehran – Saba: The Iranian Foreign Ministry condemned the subversive actions taken by the rulers of Abu Dhabi against the Islamic Republic of Iran. Last night, Tasnim News Agency reported that the...