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News Alert: FTX.com

Friday, November 18, 2022

News Alert: FTX.COM

On November 11, 2022, reeling from a run-on its accounts due to reports of misconduct, FTX.com sought bankruptcy protection. The total losses consumers and investors sustained is estimated to surpass $20 billion dollars.

As widely reported in the media, FTX.com engaged in creative accounting. Using the FTT token issued by a sister company, Alameda Research, FTX.com was able to prop up its balance sheet to the outside world. Said differently, the value of the FTT token – a manmade digital currency – was the primary asset supporting FTX.com’s considerable valuation.

Due to fraud and misrepresentations – perpetuated by FTX’s Board and celebrity endorsers–investors of FTX.com have been monetarily damaged. FTX.com’s value has plummeted from $32 billion to $0.

Our firm is working on investigating this matter and intends to file a Shareholder Derivative Class Action to recover damages for any investors in FTX.com that lost money.

Please contact Attorneys Tom Connick, Aanchal Sharma or Mark Mikhaiel with any questions at (216) 696-4200.

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