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Crypto Boutique Law Firm Roche Freedman Removed From Class Action Suit Against Tether – Bitcoin News

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After a federal judge in Manhattan criticized the public statements of co-founder of Roche Freedman LLP, the judge removed the crypto law firm from its market manipulation lawsuit against Tether and Bitfinex. The latest hearing showed that US District Judge Catherine Polk-Faila believes the litigation process could be derailed. She further emphasized that the “metaphorical baggage” carried by Roch Friedman “is not in the interest of class.”

Judge Potts Roch Friedman of a class action lawsuit against Tether and Bitfinex

At the end of August, Roche Freedman LLP co-founder Kyle Roche found himself amid a lot of controversy, as a series of videos Published by Crypto Leaks saw him discussing specific relationships with some crypto companies. On August 31, Roche has removed himself from a number of class-action lawsuits related to cryptocurrency, and he is directed Crypto Leaks Videos. He said the leaked videos contained “many false statements without source” that were “obtained illegally.” Roche added:

[The] Highly edited videos [are] Not provided with exact context.

However, after the leaks, Tether’s legal representative, Elliot Greenfield of Debevoise & Plimpton LLP, asked the court to remove law firm Roche Freedman from the class action. Tether Elliott Greenfield’s attorney He said That the leaks and Roche’s involvement in the class action raise “serious concerns for defendants as to the motives behind the suit.” Furthermore, cryptocurrency exchanges Bittrex and Poloniex Submit a request Also to the judge, asking her to remove Kyle Roche’s law firm from court proceedings.

Follow up on Tether, Poloniex and Bittrex orders, law360.com mentioned That “a federal judge in Manhattan criticized co-founder of Roche Friedman LLP.” Kyle Roche Comments are “uniquely stupid”. Subsequently, Bloomberg Law and law360.com published Reports who – which indicate US District Judge Kathryn Polk Phila Roche Friedman has been removed from the lawsuit. Faila explained that Roche’s public comments were “too detailed to be completely dismissed”.

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Law firms Selendy Gay Elsberg and Schneider Wallace will take over the class action case, after official Roch Friedman was disqualified. Faila said the law firm can still act as an advisor, but stressed that the “metaphorical baggage” that Roch Friedman is carrying “is not in the best interests of the class.” Justin Wise, a Bloomberg Law contributor, adds that “Roche Friedman faces disqualifications in at least four other cases, according to federal court filings.”

Tags in this story

BitFinexAnd the BeatrixAnd the Bittrex GlobalAnd the class actionAnd the working classAnd the secret informationAnd the cipherAnd the crypto companiesAnd the Encryption LeaksAnd the Crypto Leaks VideosAnd the Dibevois and PlimptonAnd the Elliot GreenfieldAnd the Judge Catherine Polk FailaAnd the Catherine Polk FaylaAnd the Kyle RocheAnd the law firmAnd the lawsuitAnd the PoloniexAnd the Roche FriedmanAnd the Roche Friedman LLPAnd the RopeAnd the rope (USDT)And the USDTAnd the Videos

What do you think about the removal of Roche Friedman from the class action suit he was fascinated by? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




photo credits: Shutterstock, Pixabay, Wikicommons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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Sam Bankman-Fried is dealing with an $8 billion balance sheet deficit

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The entire cryptocurrency market suffered multiple losses and asset depreciation after the collapse of Sam Bankman Fried cryptocurrency exchange FTX. Additionally, cryptocurrencies exposed to FTX have had their fair share of bitter pills.

Investigations were underway to locate the $8 billion hole in FTX’s balance sheet, which caused the liquidity crisis.

FTX’s balance sheet deficit continued to grow. The company initially announced only $2 billion and later said it was $5 billion. The hole has now grown to more than $8 billion.

In a recent interview with Bloomberg, Sam Bankman-Fried (SBF), the former CEO of FTX, revealed the whereabouts of the funds. The SBF said it showed investors a separate balance sheet in an emergency bailout.

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According to the ReportSBF listed $8.9 billion in debt, $9 billion in liquid assets, and $15.4 billion in liquid assets. The report also mentioned $3.2 billion in illiquid assets.

Sam Bankman-Fried reveals conflicting balance sheets

He disclosed another balance sheet showing the actual situation at the time of the bailout meeting. The balance sheet carries similar numbers but $8 billion less in liquid assets. The SBF said it misquoted the numbers.

He added that customers were transferring money to Alameda Research instead of sending it directly to FTX. According to his statement, FTX’s internal audit system double-counted the amount and credited it to both companies.

After the SBF statement, FTX and Alameda Research had the highest cash flow, but Binance, the competitor, had the highest cost. He paid $2.5 billion net worth to buy Binance investments. The SBF also revealed that it spent $250 million on real estate and about $1.5 billion on other expenses.

About $4 billion and $1.5 billion went to venture capital investments to acquire other companies, while it miscalculated $1 billion.

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The report also stated that the SBF and the remaining staff had spent the previous weekend trying to raise money. The funds will fill the $8 billion hole in FTX’s balance sheet and reimburse clients.

The reason for the collapse of FTX: fraud or mismanagement?

Meanwhile, most people in the crypto space say that the FTX crisis is a scam, not a coincidence. On Wednesday, during his first public appearance after the collapse of FTX, Bankman-Fried insist on He did not commit fraud. He claimed he was unaware of the extent of the damage and what was going on with FTX.

In an interview with The New York Times, the SBF blamed the collapse of the $32 billion exchange FTX on poor accounting and management failures. This comment sparked civil and criminal investigations. The investigation aims to determine whether FTX committed a crime by lending client money to Alameda Research.

Cryptocurrency market records new gains | Source: Crypto Total Market Cap on TradingView.com

However, FTX’s new CEO, John Ray III, who is in charge of the company’s bankruptcy proceedings, expressed his disgust at the situation. In his words, Ray said he had never seen such a complete failure of corporate control, and condemned the SBF for its unacceptable management practices.

Featured image from Texas Tribune, chart from TradingView.com

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Everything Bubble: Markets at a Crossroads – Bitcoin Magazine

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Below is an excerpt from a recent issue of Bitcoin Magazine Pro, Bitcoin Magazine Premium Markets Newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Powell’s Speech and Contracting ISM PMI

We want to zoom out, revisit and analyze some of the latest data that came out this week, which will greatly influence the direction of the market over the next few months.

After Jerome Powell’s Brookings speech, markets are clearly chomping a bit to move higher with any possible pivot scenario and narrative from the Fed. There is over-hedging, short-squeezing, options market dynamics and forced buying. This goes beyond our experience to say exactly why markets explode with volatility at any given data point or Powell’s new speech. However, these types of events and market movements have almost always been a sign of unhealthy and growing volatility in bear markets. Despite more talk from Powell with nothing really new to say, the speech was seen by markets as “more dovish” with his comment about worrying about excessive rate hikes. However, if this is yet another bear market rally forming for the major indices, we’re apparently close to turning that high again.



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Price Analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Bitcoin and altcoins are starting to signal a possible trend change, but there are still a few downside risks.

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