FTX co-founder Jishao "Gary" Wang, former CEO of sister company Alameda Research Caroline Allison and former engineering executive Nishad Singh have joined the lawsuit. The aforementioned people also agreed to provide information to settle claims against them. The settlement agreement, filed in federal court in Miami, seeks approval of the settlement.
The settlement agreement also includes seven influencers and FTX's former director of regulatory affairs, Faneil Friedberg, who is also the chief compliance officer of #FTX . US. The executives charged in the lawsuit did not agree to any of the allegations, but the group said their cooperation was invaluable. The group said it would strengthen its position with other affiliates involved in the lawsuit.
Under the terms of the agreement, the former executives pledge to share all non-confidential documents they provided during the trial of ousted former boss Sam Bankman-Fried. The disgraced former FTX CEO received a lengthy 25-year sentence for fraud, and three other executives are awaiting their fate after pleading guilty to fraud charges.
The executives involved in the settlement have also agreed to divest themselves of their assets during hearings and testimony. They are also prohibited from challenging FTX investors' inquiries about how the funds were distributed.
In the settlement agreement, Daniel Friedberg acknowledges that he voluntarily chose to provide valuable information to the class and that he is willing to do so in the future. The settlement agreement with the former executive states that he had no knowledge of the fraud by FTX. Upon learning of the fraud, he contacted authorities and submitted his resignation. He also provided significant cooperation to the ongoing investigation.
Seven YouTubers and influencers involved in the case also contributed to the settlement. Blaine Young paid $180,000, Levin Pafras paid $122,000, Tom Nash paid $37,485, Graham Stephan paid $10,000, Jeremy Lefebvre and Adlai Gee paid $5,000 each.
Share this #link .
Adebayo likes to follow interesting #blockchain projects. He is an experienced writer who has written many articles on #cryptocurrencies and blockchain.
Read us at: Compass Investments