An independent probe found that Sullivan & Cromwell was not complicit in the now-defunct exchange's fraud.
An independent investigation into Sullivan & Cromwell LLP, the law firm that oversaw the FTX bankruptcy, found that the firm was unaware of the dire financial conditions and underlying fraud that led to the collapse of the once-thriving exchange.
Former U.S. prosecutor Robert Cleary conducted the investigation and noted that while attorneys at Sullivan & Cromwell did make false statements while representing FTX, they did so without knowing the statements were false.
After the findings of the investigation were made public, Sullivan & Cromwell released the following statement:
