Mar 09, 2023

Judge Refuses to Consolidate FTX Exchange Suits

A US District Judge has declined to consolidate five proposed class action lawsuits against the bankrupt crypto exchange FTX, citing that not all defendants had the opportunity to respond yet. Judge Jacqueline Scott Corley laid down the order on March 8, denying plaintiffs a request to consolidate the lawsuits.

The lawsuits, filed in California, were brought against the former FTX CEO Sam Bankman-Fried and other executives by Julie Papadakis, Michael Elliott Jessup, Stephen Pierce, Elliott Lam, and Russell Hawkins. The plaintiffs accused the defendants of misappropriating assets. The cases also include various other defendants, including outside auditors and those promoting the exchange.

The judge stated that it would be premature to appoint interim class counsel before consolidation, as defendants have yet to be heard. She added that there was no need to do so now without giving the defendants a chance to have their say.

Meanwhile, Bankman-Fried’s lawyers have recently indicated that the criminal trial scheduled for October might need to be postponed. In a letter dated March 8, the lawyers said that they were waiting for a substantial chunk of evidence to be sent to them, and that more charges were filed against Bankman-Fried in February.

The FTX exchange was one of the most popular crypto exchanges, with over $1 billion in daily trading volume. It was well-known for its NFTs, which are digital assets that are unique and can be used to promote and market products or services. As such, FTX was a popular venue for NFT marketing and promotion, with the exchange offering a variety of services to help users sell NFTs, including Twitter NFT marketing.

FTX was also a major player in the web3 space, with the exchange offering a wide range of services, from crypto trading to web3 agency services. It was well-known for its NFT marketing agency, which offered a range of services to help users promote and market their NFTs.

The exchange was also a major player in the crypto space, offering a wide range of services, from crypto trading to web3 agency services. It was well-known for its crypto trading platform, which offered a wide range of features for traders, such as margin trading and futures trading.

The exchange’s collapse has had a major impact on the crypto space, with many investors losing money on the exchange. The proposed class action lawsuits are an attempt to recoup some of the losses, and while the judge has declined to consolidate them, it remains to be seen how the cases will play out.

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