Investigation into Sullivan & Cromwell LLP, the law firm overseeing the FTX bankruptcy, found the firm was unaware of the fraud leading to the exchange's collapse. The investigation, led by former U.S. prosecutor Robert Cleary, revealed the firm made false statements without knowing they were false. Sullivan & Cromwell faced criticism from FTX creditors and clients who questioned the firm's integrity due to its pre-bankruptcy work with FTX. FTX filed for Chapter 11 Bankruptcy on Nov. 17, 2022, after Binance canceled a tentative deal to acquire the exchange due to concerns about FTX's financial position and missing customer assets.