Defense Attorney Hired By Sam Bankman-Fried To Serve As His Defender

The police are looking into FTX collapse. In the well-known Ghislaine Maxwell case, M. Cohen, a previously named subordinate federal prosecutor for the part of NY placed in the East of the country, was named a member of the defending team of the former FTX leader. 

The defending lawyer

Sam Bankman-Fried, the former CEO of FTX, was stated to have employed M. Cohen, a lawyer who previously served as a state prosecuting attorney, to serve as his defense lawyer.

Following the Reuters report from December 6, SBF’s spokesman M. Botnick stated that the previous Chief executive officer of FTX had asked Cohen to become his lawyer. 

The latter had been the target of state lawsuits from the stakeholders in crypto trading services, as well as from lawgivers and governors across the nation.

A number of agency investigations, he claimed, were delaying Cohen’s advancement. The lawyer has likewise participated in the defense part in the well-known case of Ghislaine Maxwell, who was found guilty and received a twenty-year-long sentence. 

The reaction from the government

Members of the US government financial authorities have declared several individual court meetings to look into the failure of FTX and its possible effects on investing actions as well as conventional marketplaces.

Apparently, Bankman-Fried was invited to speak at the House Financial Services Committee’s FTX hearing in December by a senior committee member.

In November, FTX Group submitted a Chapter 11 bankruptcy petition in the state of Delaware. The company is drowning in debt after announcing a “liquidity crisis,” and it is incapable of fulfilling clients’ retraction requests due to its enormous debt load. 

Despite harsh disapproval from the cryptocurrency industry, Bankman-Fried has addressed reporters numerous times since FTX’s demise.

The one who previously served as a Chief executive officer of FTX has expressed regret a number of times for his deeds and position in the stock price decline and promised to recover from the crisis and help its used-to-be employees, but he has not yet provided details on how he intends to thank investors.