FTX investors to settle with Sam Bankman-Fried on condition that he provides key information

Source Fxstreet
  • Sam Bankman-Fried has agreed to provide FTX investors with valuable information about key firms and celebrities related to the defunct exchange before its collapse.
  • Part of the settlement terms include proof that SBF's net worth is negative.
  • Investors will discharge all claims against SBF if the court approves the agreement.

A group of FTX investors have filed a court document to settle with Sam Bankman-Fried on the grounds that he provides key information about FTX-related celebrities and institutions. This indicates that these investors are looking to exhaust all avenues to ensure they get back their funds.

Read more: SBF sentenced to 25 years in prison after November conviction

Investors to settle with SBF

According to a Bloomberg report, Sam Bankman-Fried, founder and former CEO of FTX, recently sentenced to 25 Years in prison, has come to terms with a group of investors. It's been barely three weeks since the official sentence of Bankman-fried to prison.

The agreement with FTX investors involves all claims against Sam being dropped if he cooperates with the class representatives to strengthen their case against celebrity promoters of FTX by providing valuable information regarding their dealings.

If the court approves, the agreement will mandate that Bankman-fried release confidential information about celebrities' involvement in raising FTX ratings before its eventual collapse in 2022.

Also read: Mango Market attacker convicted of fraud and market manipulation

These celebrities include Shaquille O'Neal, Stephen Curry, Lawrence Gene David, Tom Brady, Gisele Bundchen, and even organizations such as MBA's Miami Heat franchises, SoftBank Group, Paradigm Operations LP, and many more.

Bankman-Fried will also be required to provide certain documents alongside evidence of these people and organizations' involvement with FTX and present them to the court without a subpoena, a filed document showed.

This will include a financial statement of all his current assets and a sworn affidavit of all his financial assets. He will also provide an affidavit stating that his net worth is negative.

This follows a recent demand by US Senator Elizabeth Warren for the head of the US Commodity & Futures Trading Commission (CFTC), Rostin Behnam, to give a full account of his several meetings with SBF before the FTX implosion.

Read more: OneCoin's head of legal and compliance gets four years in jail as CZ sentencing comes next

In November of 2023, Sam Bankman-fried was convicted and found guilty of all charges against him, including wire fraud, securities fraud, and money laundering. On March 28, he was sentenced to 25 years in prison, and a forfeiture of $11 billion woth of assets was ordered to help "fund the repayment of the victims of the FTX collapse."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ethereum (ETH) Price Closes Above $3,900 — Is a New All-Time High Possible Before 2024 Ends?Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
Author  Beincrypto
Dec 17, 2024
Once again, the price of Ethereum (ETH) has risen above $3,900. This bounce has hinted at a further price increase for the altcoin before the end of the year.
placeholder
My Top 5 Stock Market Predictions for 2026Five 2026 market predictions written in a native, news-style voice: AI’s winners and losers, broader sector leadership, dividend demand, valuation cooling as the Shiller CAPE sits at 39 (Dec. 31, 2025), and quantum-computing bursts—while keeping all original facts and numbers unchanged.
Author  Mitrade
Jan 06, Tue
Five 2026 market predictions written in a native, news-style voice: AI’s winners and losers, broader sector leadership, dividend demand, valuation cooling as the Shiller CAPE sits at 39 (Dec. 31, 2025), and quantum-computing bursts—while keeping all original facts and numbers unchanged.
placeholder
Ethereum Price Forecast: ETH faces heavy distribution as price slips below average cost basis of investorsEthereum (ETH) extended its decline on Wednesday, dropping more than 5% over the past 24 hours toward the $2,100 level, which is below the $2,310 average cost basis or realized price of investors, according to CryptoQuant's data.
Author  FXStreet
Feb 05, Thu
Ethereum (ETH) extended its decline on Wednesday, dropping more than 5% over the past 24 hours toward the $2,100 level, which is below the $2,310 average cost basis or realized price of investors, according to CryptoQuant's data.
placeholder
Bitcoin Drops to $70,000. U.S. Government Refuses to Bail Out Market, End of Bull Market or Golden Pit? The U.S. government refuses to bail out Bitcoin, and with Fed rate cuts nowhere in sight, a continued downward trend to test for a bottom is likely after a brief rebound.During the mid-da
Author  TradingKey
Feb 05, Thu
The U.S. government refuses to bail out Bitcoin, and with Fed rate cuts nowhere in sight, a continued downward trend to test for a bottom is likely after a brief rebound.During the mid-da
placeholder
Bitcoin Surrenders $65,000 as Analysts Warn of ‘Structural’ Market BreakBitcoin plunges 11% to break $65k as analysts term the crash "structural," citing a $1 trillion market wipeout and $2.09 billion in daily liquidations.
Author  Mitrade
Feb 06, Fri
Bitcoin plunges 11% to break $65k as analysts term the crash "structural," citing a $1 trillion market wipeout and $2.09 billion in daily liquidations.
goTop
quote