Just-In: Sam Bankman-Fried & Alameda Chief Served With Subpoenas From Voyager
It has been revealed that the Official Committee of Unsecured Creditors (UCC) of the insolvent crypto lender Voyager Digital has sent subpoenas to a number of officials at FTX and its trading arm, Alameda Research. Among the recipients of these subpoenas are the co-founder of FTX, Gary Wang, the former Chief of Alameda, Caroline Ellison, and the founder and former CEO of FTX, Sam Bankman-Fried.
The documents that were submitted to the court on February 18th, revealed that the attorneys for the Voyager UCC have asked for copies of a number of documents that pertain to the communications between FTX, the Securities and Exchange Commission (SEC), and the Department of Justice. A request for records relating to Caroline Ellison and Gary Wang’s admissions was also included in the subpoena.
In the court document, the counsel for Voyager UCC stated:
“[Voyager UCC] has served a Subpoena to Testify at a Deposition in a Bankruptcy Case on Samuel Bankman-Fried, requesting that he produce all Documents and Communications responsive to the document requests set forth.”
The subpoenas have been issued in light of the comments made by the company’s current CEO, John J. Ray III, that FTX-related companies “used software to conceal the misuse of customer cash” and that “the FTX Group did not keep appropriate books and records.” The attorneys have requested evidence to support these claims. In addition, the subpoenas have asked for information concerning the loan portfolio shared by Alameda and Voyager, as well as FTX’s financial status both before and after the company filed for bankruptcy on November 11, 2022.
The bankruptcy judge overseeing Voyager’s Chapter 11 case in the United States, Michael Wiles, had earlier indicated that he will appoint a fee examiner to look into the professional fees involved in the case. The judge had pointed out that the costs associated with the bankruptcy proceeding are significantly more than was initially anticipated, and that the estate might end up spending more money on the examiner than it could save on other professional expenses. He suggested putting a limit on the amount of money that the estate would have to pay the examiner.
The subpoenas sent to the FTX and Alameda officials have certainly raised a few eyebrows, and the legal proceedings that could follow this could have a significant impact on the crypto industry. It is yet to be seen how the court will rule in this case, and what the implications of this will be for the involved parties.
The subpoenas sent to Sam Bankman-Fried, Gary Wang, and Caroline Ellison are a clear indication that the Voyager UCC is serious about looking into the financial mismanagement that allegedly took place at FTX and Alameda. It remains to be seen how this case will play out and what the impact of this will be on the crypto industry.
The subpoenas issued to Sam Bankman-Fried, Gary Wang, and Caroline Ellison are a clear indication that the Voyager UCC is determined to get to the bottom of the financial mismanagement that allegedly took place at FTX and Alameda. As the court proceedings continue, the crypto community will be watching closely to see how this case plays out and what the implications of this will be for the industry as a whole.
It is clear that the subpoenas issued by the Voyager UCC have put a spotlight on the financial mismanagement that allegedly took place at FTX and Alameda. The outcome of the court proceedings will be closely watched by the crypto community, as it could have a significant impact on the industry. It is yet to be seen how the court will rule in this case and what the implications of this will be for the involved parties.
The subpoenas that have been issued to Sam Bankman-Fried, Gary Wang, and Caroline Ellison are a clear indication that the Voyager UCC is serious about getting to the bottom of the financial mismanagement that allegedly took place at FTX and Alameda. The court proceedings that could follow this could have a significant impact on the crypto industry, and the crypto community will be watching closely to see how this case plays out and what the implications of this will be for the industry.
