FTX’s new CEO has knocked back against calls for its lead counsel to be replaced, as objections from FTX creditors, the US Trustee, and four US lawmakers mount.
The CEO of crypto exchange FTX has rejected calls for its law firm Sullivan & Cromwell to be replaced as lead counsel in its bankruptcy case.on Jan. 17, arguing that Sullivan & Cromwell has been integral in taking control over the “dumpster fire” that was handed to him.“The advisors are not the villains in these cases.
Meanwhile, lawyer James A. Murphy, who goes by the Twitter handle MetaLawMan, suggested on Jan. 14 that the prior work it had done for FTX was not the law firm's only conflict of interest in the case. Apollo Global has been quietly offering to buy up creditor claims from FTX customers for pennies on the dollar.He claimed that private equity firm Apollo Global has been buying up creditor claims from FTX customers for a fraction of their worth. Murphy notes that Apollo’s Chairman of the Board, Jay Clayton, is also employed by Sullivan & Cromwell, which has access to sensitive financial information.
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