Bronstein, Gewirtz & Grossman, LLC is investigating potential claims against FTX Token USD (“FTX” or the “Company”) (FTT-USD) . Investors who purchased FTX are encouraged to obtain additional information and assist the investigation.

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The investigation concerns whether FTX violated federal securities laws.

 

On November 8, 2022, market analysts reported growing concerns over the finances of Alameda Research, a hedge fund owned by Sam Bankman-Fried, who also serves as the Chief Executive Officer of FTX.  On this news, the price of FIX tokens fell $16.62 per token, or 66.7%, to close at $5.52 per token on November 8, 2022.  Then, on November 9, 2022, Binance, a cryptocurrency exchange, disclosed that it was backing out of a plan announced the prior day to acquire FTX, after an initial review of FTX’s books and amid reports about government investigations and mishandled customer funds.  In a Tweet discussing this decision, Binance stated, “[i]n the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.”  Following this news, the price of FTX tokens fell $3.22 per token, or 58.33%, to close at $2.30 per token on November 9, 2022.

 

If you are aware of any facts relating to this investigation or purchased FTX tokens, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484. 

 

Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits.  The firm has recovered hundreds of millions of dollars for investors nationwide.  Attorney advertising. Prior results do not guarantee similar outcomes.