Breaking 🚨: FTX law firm hit with class action over FRAUD

A new class action lawsuit makes severe allegations that high-profile Silicon Valley law firm Fenwick & West actively helped conceal and enable fraud by the collapsed cryptocurrency exchange FTX and its founder Sam Bankman-Fried.

A suit filed yesterday Aug. 7, claimed Fenwick had an “exceedingly close” relationship as legal counsel to FTX and provided services that allowed FTX to grow exponentially while aware of improper activities.

According to the suit, Fenwick helped establish shell companies that were allegedly used to divert billions in customer funds to Alameda Research, Bankman-Fried’s trading firm, the sweeping 70-page class action complaint accuses Fenwick of actively aiding fraud and misusing up to $10 billion in customer funds.