Odaily Planet Daily News: An independent investigation shows that Sullivan & Cromwell LLP, the law firm that oversaw FTX's bankruptcy, was unaware of the serious financial situation and potential fraud that led to the collapse of the exchange. Although the firm's lawyers made false statements while representing FTX, they did not realize that the statements were false. Sullivan & Cromwell expressed confidence in its work before FTX's bankruptcy and welcomed the auditor's findings that it denied various unfounded allegations. FTX filed for Chapter 11 bankruptcy protection on November 17, 2022. Binance had previously planned to acquire FTX, but ultimately rescinded the agreement due to concerns about financial conditions and the mixing of customer funds. The incident caused FTX Token (FTT) to plummet and further exacerbated FTX's collapse. Subsequently, media reports said that about $1 billion of FTX's customer assets were missing, leading to more customers making panic withdrawals.