Independent investigation finds FTX bankruptcy firm Sullivan & Cromwell was unaware of FTX fraud.
An independent investigation into Sullivan & Cromwell LLP, the law firm that oversaw, found that the firm was unaware of the dire financial conditions and underlying fraud that led to the collapse of the once-thriving exchange.
After the findings of the investigation were made public, Sullivan & Cromwell released the following statement: The market reacted to news of the acquisition negatively, and the FTX Token plummeted in value from roughly $22 to $5.50 in a single day of trading.
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