FTX update May 2023

The collapse of FTX in 2022 did not herald the end of the platform but it has undoubtedly been a catalyst for regulators globally to ensure that something similar could not happen again in their respective jurisdictions. Ever since, although mostly legal, there has been much activity around FTX. Recently, even the likelihood of FTX reopening in some parts of the world is now possible. In the case against the FTX’s ex-CEO, Sam Bankman-Fried (SBF), despite being on a $250 million bail he is under house arrest and has access to instant messaging applications previously restricted. SBF has pleaded “not guilty” to the charges against him. Unsurprisingly, another former FTX top executive, former head of engineering, Nishad Singh, has turned against Sam Bankman-Fried, has pleaded guilty and is now working with prosecutors. Singh is the third to do so. The first two are Caroline Elison of Alameda and Gary Wang of FTX. Although no other executives have been charged, one could expect more drama…