Summary
TLDR: Deltec Bank & Trust accused of enabling FTX to benefit from Tether through a credit line, while Sullivan and Cromwell, LLP faces legal action for allegedly participating in FTX’s fraudulent activities. FTX creditors seek damages for civil conspiracy, fraud, and aiding fiduciary breaches.
Key Points
1. Deltec Bank & Trust is facing legal action for allegedly enabling FTX and its subsidiaries to benefit from Tether (USDT).
2. A new lawsuit claims that Sam Bankman-Fried’s Alameda Research used a clandestine credit line from Deltec to boost Tether’s growth and profit from arbitrage opportunities.
3. FTX creditors have initiated legal action against Sullivan and Cromwell, LLP, accusing the law firm of complicity in FTX’s fraudulent activities and seeking damages for civil conspiracy, fraud, and aiding fiduciary breaches.