FTX sued the bankruptcy attorneys alleging fraud. The story of FTX's downfall takes a dramatic turn with a new lawsuit pointing fingers at Sullivan & Cromwell, the law firm leading the cryptocurrency exchange's bankruptcy proceedings. The accusations are flying thick and fast, with FTX creditors alleging that the firm not only had its hands deep in the cookie jar but also actively participated in FTX's financial collapse. Unraveling the web of allegations A wave of controversy engulfs Sullivan & Cromwell, a law firm with roots spanning a century, now caught in the FTX storm. The case traces a narrative where greed and collusion allegedly flourish unchecked. The creditors claim that the law firm, according to them, was an accomplice who profited from the chaos. Communications between FTX and Sullivan & Cromwell are unusual orwere not temporary. Ryan Miller, a key character in this story, moved from a partner at the law firm to general counsel of FTX, building a network of businesses that went back to his former employer. This is a calculated play to ensure that Sullivan and Cromwell remain deeply involved with FTX, reaping the financial rewards through various legal actions. The narrative is thickened by mentions of FTX's CEO, Sam, and their cozy relationship with the law firm, to the extent of working out of their offices. This proximity between corporate entities has been highlighted as evidence of their interconnectedness, raising questions about the law firm's ability to maintain professional distance and objectivity. FTX's financial entanglements and legal quagmire Beyond the personal connections, the lawsuit sheds light on the financial ties that bind FTX and Sullivan and Cromwell together. Millions of dollars in legalese from FTX in law firm coffersFees increased, a point of contention given the exchange's troubled financial health. As such financial benefits are scrutinized, lenders identify potential conflicts of interest in these earnings. #hottopic #FTT