Home » Markets » FTX lawyers say Bankman-Fried's 'incessant and disruptive tweeting' is complicating bankruptcy case
FTX lawyers say Bankman-Fried's 'incessant and disruptive tweeting' is complicating bankruptcy case
FTX collapse has ‘reverberated throughout crypto’: Pete Hegseth
‘Fox & Friends Weekend’ co-host Pete Hegseth explains how FTX’s bankruptcy has impacted his cryptocurrency investments, and previews Fox Nation’s fourth annual Patriot Awards.
Lawyers for the collapsed crypto exchange FTX slammed former CEO and founder Sam Bankman-Fried for creating a "chaotic environment" in court documents filed Thursday, as the company goes through bankruptcy proceedings.
FTX attorneys said Bankman-Fried's "unconventional leadership style,""his incessant and disruptive tweeting," and "the almost complete lack of dependable corporate records" have complicated efforts to restructure the company. They also accused the disgraced crypto mogul of attempting to move assets out of the United States and to the Bahamas, where they will be under the control of the Bahamanian government, in an apparent effort to circumvent U.S. regulators.
FTX, once the world's third-largest exchange with a valuation near $32 billion, sent shockwaves through the crypto world on Friday when it announced that it was filing for bankruptcy, along with Alameda Research and other affiliated companies. Days earlier, industry rival Binance backed out of a deal to buy its troubled competitor after taking a look at the books and learning that FTX had "mishandled customer funds."
Bankman-Fried announced his resignation as chief executive when the bankruptcy papers were filed in Delaware on Friday.
FTX'S BAHAMAS LIQUIDATORS REJECT ‘VALIDITY’ OF US BANKRUPTCY PROCEEDINGS