The request was made by Voyager Digital’s unsecured creditor representatives. They are asking former FTX CEO Sam Bankman-Fried (SBF) and several senior FTX and Alameda Research executives to provide documents and appear in court remotely next week for a deposition.
Sam Bankman-Fried running out of time
On the night of November 7, the FTX Token (FTT) had suddenly lost more than 30% of its value. The event came amid a media confrontation between FTX platform CEO and Binance CEO Changpeng Zhao. As a result, in the space of a day, SBF had seen his fortune plummet by more than 93%, thereby losing his billionaire status. With almost nothing left in his personal heritage, Sam Bankman-Fried seems to have run out of time.
To believe a document filed on February 18 with the United States Bankruptcy Court for the Southern District of New York, Sam Bankman-Fried had been served with a subpoena to testify during a deposition in a bankruptcy case. The document was served by the official Committee of Unsecured Creditors of Voyager Digital Holdings, which is a former cryptocurrency lending exchange. According to the same document, SBF should appear for a remote deposition February 23. Additionally, it was stated that Bankman-Fried had until February 20 (today) to submit all of the documents and conversations sought.
The entire former FTX management team targeted?
As a reminder, on February 6, it was revealed in a court filing that Voyager’s attorneys had filed a subpoena against Sam Bankman-Fried, in addition to Alameda research CEO Caroline Ellison, FTX co-founder , Gary Wang, and the head of FTX. It was mandatory for each of these people to provide the desired information on February 17.
This followed the decision of Judge John Dorsey which previously allowed FTX debtors under bankruptcy court rules to issue subpoenas. For the purpose of obtaining information and documents from former FTX employees. As well as certain members of the Bankman-Fried family. Meanwhile, Sam Bankman-Fried has been warned he could ‘in theory’ have his bail revoked. This after Judge Lewis Kaplan said there was probable cause to believe he had engaged in attempted witness tampering.
The former billionaire seems to be going through endless hell. The more the days pass, the more new revelations make the FTX affair complex. In the middle of crossing the desert, Sam Bankman-Fried clearly has no more time. He only has today to submit to the court all the documents and conversations requested. Pending the outcome of this trial, do you, like SBF, think that the FTX platform is still solvent?
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