Former FTX Executives and Promoters Settle for $1.35 Million in Lawsuit In the aftermath of Sam Bankman-Fried's sentencing, former FTX executives and promoters have agreed to a
$1.3 million class action lawsuit settlement. This development comes as no surprise, considering their alleged involvement in Bankman-Fried's
multi-billion dollar fraud on FTX customers.
The list of those involved includes Nishad Singh, former head of engineering for FTX,
Caroline Ellison, CEO of Alameda Research, Gary Wang, chief technological officer for FTX, and seven promoters linked to the now-defunct exchange.
Not only have these individuals "pled guilty" in the criminal proceedings against them, but they have also committed to
full restitution and forfeiture of the designated sum.
Judge Lewis A. Kaplan, who presided over Bankman-Fried's case,
will now determine how these funds will be distributed among the victims affected by the FTX collapse. The settlement acknowledges the magnitude of this financial disaster, referring to it as one of history's greatest. It highlights the tireless efforts
made by plaintiffs and counsel to bring justice to all those impacted by this scam.
