According to The Block, FTX’s former primary external law firm, Fenwick & West, has agreed to pay $54 million to settle claims that it assisted in facilitating Sam Bankman-Fried’s fraudulent activities. Additionally, auditing firm Prager Metis has agreed to pay $11.75 million, and former Miami Heat player Udonis Haslem, a former FTX promoter, will pay $420,000, bringing the total to approximately $66 million.
FTX's former law firm and auditor agree to a $66 million settlement over fraud allegations.
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Summary
FTX’s former law firm, Fenwick & West, has agreed to pay $54 million to settle claims of enabling Sam Bankman-Fried’s alleged fraud, while auditor Prager Metis will pay $11.75 million. Former Miami Heat player Udonis Haslem also faces a $420,000 penalty for his role as an FTX promoter. The total settlement amounts to $66 million. As liquidity and crypto markets face increased scrutiny, this case underscores regulatory pressure on crypto firms. BTC as a hedge against inflation remains a key narrative for institutional investors.
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