![]() ![]() Kirkland & Ellis through March billed nearly $60 million for its work representing three bankrupt crypto exchanges-Voyager Digital Holdings Inc., Celsius Network LLC and BlockFi Inc.-according to court documents. Firms including Quinn Emanuel Urquhart & Sullivan and Paul Hastings also have roles in the case. in its Chapter 11 proceeding, court documents show. Sullivan & Cromwell through April billed more than $80 million in legal fees for its work representing FTX Ltd. “This is their ultimate fight.”īankruptcy lawyers have been some of the biggest winners in the crypto sectors troubles that stretch back for months. “They’re hiring the best of the best because it is really the future of centralized exchanges that is on the line in the United States,” said Ghodoosi, who has written about the extent of litigation facing crypto companies. The figures highlight the black market of NFT Drainers, which simply put are malicious code that used to drain the value of a specific NFTs by flooding the market with large quantities of that token.Binance and Coinbase are making lawyers big winners in life-or-death struggles against the US Securities and Exchange Commission, as the crypto companies start spending what will ultimately tally tens of millions of dollars in legal fees.įees from the lawsuits the SEC filed last week could stretch from $50 million to $100 million, said Farshad Ghodoosi, an assistant professor of business law at David Nazarian College of Business and Economics at California State University, Northridge.īinance, its chief executive Changpeng Zhao, and Coinbase have assembled all-star defense teams of former top SEC lawyers who now work at high-powered firms including Sullivan & Cromwell, Wachtell, Lipton, Rosen & Katz, Gibson Dunn, Milbank, Latham & Watkins and WilmerHale. ![]() That is according to data from PeckShield and multiple dashboards on Dune Analytics, analysed by The Block. Don’t steal’ Hacker stole $73m with NFT drainers in last nine monthsĬybercriminals have stolen over $73 million from more than 32,000 wallets over the last nine months by using NFT drainers like Inferno and Venom. NOW READ: Euler hacker returns with cryptic messages: ‘Don’t be stupid. Since ZachXBT tweeted the details of the lawsuit on June 16, donations have poured in from wallets across several blockchains, and include funds from high-profile donors such as Binance CEO Changpeng Zhao and Tron founder Justin Sun. I intend to fight back & defend free speech. The lawsuit is baseless and an attempt to chill free speech. Today Machi filed the defamation lawsuit. Research by DL News shows that Binance Nigeria Limited is one of several copycat companies created by Ahassan Ifzal Mughal, Esq., who stated that the companies were created so the names could be sold to the parent entities if they expanded into Nigeria.ġ/ It’s unfortunate I have to make this thread but I am being sued by MachiBigBrother for an article I published in June 2022. Nigeria’s financial regulator ordered the company - called Binance Nigeria Limited - to stop soliciting investments in the country, at a time when Binance’s US subsidiary faces a lawsuit from the US Securities and Exchange Commission. NOW READ: Charles Hoskinson embarks on ocean expedition to search for alien technology Binance issues cease-and-desist letter for copycat Binance Nigeria Limitedīinance CEO Changpeng “CZ” Zhao tweeted Sunday that the company issued a cease and desist letter to a copycat entity based in Nigeria, days after the Nigerian government courted confusion when it publicly banned the entity. ![]() The Jason Bourne superstar has even appeared in ads issued by the firm. “This is not a controversial practice,” told the FT, saying that the internal teams are “treated exactly the same as third-party market makers that identically facilitate tight spreads and efficient markets on our platform.”Ĭ is one of the world’s biggest crypto exchanges and has been endorsed by the likes of Matt Damon. Market making and proprietary trading are not uncommon among financial services businesses, but are usually run in separate entities. ![]() The Singapore-based group operates proprietary trading and market making teams, according to sources speaking with the Financial Times. criticised for running internal market makerĮxchange has come under fire for running internal market making and trading teams, which could highlight potential conflicts of interest. ![]()
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