FTX Founder Once Again in Court, Waives Conflict of Interest for Lawyers

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The founder of the bankrupt digital asset trading platform, FTX, Sam Bankman-Fried, also known as SBF in the industry, has once again entered within the court’s parameters and is set to address potential conflicts of interest in his lawyers.

As reported earlier by TheCoinRise, Bankman-Fried was found guilty in the collapse of his Bahamian-headquartered cryptocurrency exchange and will return to court on March 28th, 2024, to receive his sentence from New York District Judge Lewis Kaplan. 

FTX Founder Waives Conflict of Interest

As per a report from Inner City Press on February 21, the former FTX chief executive has officially waived the conflict of interest of his lawyers, who are also representing Alex Mashinsky of the bankrupt crypto lending platform Celsius Network. 

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It is important to note that Celsius Network successfully exited bankruptcy earlier this year and is set to return $3 billion to the creditors of the firm. The procedure also saw the creation of a new Bitcoin mining company managed by crypto mining firm Hut 8 called Ionic Digital, Inc.

Conflict-Free Legal Representation

The Inner City Press confirmed that the FTX founder agreed to conflict-free legal representation with lawyers Marc Mukasey and Torrey Young. The two lawyers filed notices of appearance with both SBF and the former Celsius head, with the latter taking a similar action on February 20. 

In a notable legal development at the United States District Court for the Southern District of New York, SBF made a rare courtroom appearance, marking one of his initial public outings since being convicted of seven felony counts in November 2023. 

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Images of FTX Founder Emerge Inside Jail

The former FTX CEO, whose incarcerated life has largely remained away from media scrutiny, came into focus on February 19 as images emerged depicting him alongside fellow inmates. Crypto reporter Tiffany Fong shared an image of SBF, describing it as the “first and only” photo of the disgraced entrepreneur inside New York’s Metropolitan Detention Center.

As reported earlier by TheCoinRise, the United States Department of Justice (DoJ) said that the 31-year-old billionaire “went beyond benignly exercising a constitutional right to speak to the press.” 

Mukasey and Young to Continue Representing Both

Additionally, Mukasey and Young are set to maintain their roles as legal representatives for SBF and Mashinsky. 

Conversely, Christian Everdell and Mark Cohen, who previously defended the ex-FTX CEO during his criminal trial in October 2023, are opting to step down. On the other hand, the bankrupt exchange is now focusing on repaying the creditors and not restarting the exchange.

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