Defunct crypto exchange FTX paid a retainer of $12 million to bankruptcy lawyers as security for payment of its fees and expenses amid Chapter 11 bankruptcy proceedings, shows a court filing dated Dec. 21. Sullivan & Cromwell LLP (S&C), a law firm headquartered in New York City, received $12 million from West Realm Shires Services Inc. on behalf of FTX for legal services. In addition, the filing confirmed that over the past 90 days, i.e., since Aug. 26, 2022, FTX paid nearly $3.5 million to S&C. Snippet of the court filing revealing FTX’s historical payments to S&C law firm. Source: aboutblaw.com Based on the information provided, FTX paid at least $15.5 million to avail and retain the legal services of S&C. The filing further revealed that S&C currently ...
The ongoing legal proceedings around former FTX CEO Sam Bankman-Fried (SBF) took a new turn as District Judge Ronnie Abrams withdrew her participation from the case. The United States District Court for the Southern District of New York rescued itself from the FTX case after revealing that a law firm — which employs Abrams’ husband as a partner — had advised the crypto exchange in 2021. In a Dec. 23 filing, Judge Abrams revealed that her husband, Greg Andres, is a partner at Davis Polk & Wardwell, a law firm where he has been employed since June 2019. Additionally, it was highlighted that the law firm had advised FTX in 2021. Abrams also stated that the law firm represented parties that may be adverse to FTX and SBF in other legal proceedings. “My husband has had no involvement i...
The fifth U.S. edition of Time Warp was an extraordinary celebration of hard-hitting techno. Following events in Mannheim and São Paulo, the renowned techno brand touched down in New York for a two day festival on November 11th and 12th. Combining global esteem with local acumen, the event was put together in partnership with one of the city’s top dance music organizers, Teksupport. The two-day festival took place at a sprawling warehouse in Brooklyn’s secluded Navy Yard, a regular spot for Teksupport shows and the perfect hideaway for deep, dark dance music. As always, Time Warp brought forth some of the best names in underground dance music. The event starred Drumcode boss Adam Beyer, Afterlife’s Mind Against, “Queen of Techno” Nicole Moudaber, melodic Ukrainian supe...
The crypto borrowing and lending platform Nexo plans to gradually cease operations in the United States “over the coming months,” according to a blog post on Dec. 5. Nexo has stated that the decision to leave the U.S. is “regrettable but necessary.” Today we are announcing the regrettable but necessary decision that Nexo will be phasing out its products and services in the United States due to a lack of regulatory clarity. — Nexo (@Nexo) December 5, 2022 In the post, Nexo said that it has been talking to U.S. regulators for 18 months in an attempt to determine how to comply with U.S. financial laws. But these talks have not resulted in an agreement between the company and U.S. officials. “Our decision comes after more than 18 months of good-faith dialogue with US state and federal reg...
Former FTX CEO Sam Bankman-Fried has claimed to have “unknowingly commingled funds” between Alameda and customer funds at FTX. Bankman-Fried was speaking at the New York Times’ DealBook Summit via video conference on Nov. 30, in which journalist Andrew Sorkin noted “there appears to be a genuine commingling of the funds that are FTX customers that were not supposed to be commingled with your separate firm.” Sam Bankman-Fried speaking at the New York Times’ DealBook Summit. Source: New York Times Bankman-Fried denied knowing about the commingled funds and blamed it on poor oversight. “I unknowingly commingled funds […] I was frankly surprised by how big Alameda’s position was which points to another failure of oversight on my part and failure to appoint someone to be chiefly in ...
Spooky season is here, and there’s no better way to celebrate than with a scary good concert. In New York City, there are over 100 electronic music shows taking place in the coming days. Avoid the dreaded Google search rabbit hole and pick your poison through EDM.com’s curation of the best electronic music shows in New York this Halloween. Black Lotus: Damian Lazarus, Seth Troxler + more Date: Thursday, Oct 27, 10:00 PMLocation: CapitaleTickets: Purchase here Tsuruda, Daedelus, Outtatime Date: Thursday, Oct 27, 10:00 PMLocation: Elsewhere Zone OneTickets: Purchase here Cityfox: Nora En Pure, Enamour, Atish, Wassu Date: Thursday, Oct 27, 8:00 PMLocation: Great Hall at Avant GardnerTickets: Purchase here Henry Fong Date: Thursday, Oct 27, 10:30 PMLocation: NebulaTickets: Purchase here KSHMR ...
It’s been a momentous summer for Brooklyn Mirage. The venue kicked the season off with a striking, unexpected redesign. It built one of the world’s largest outdoor video walls, a dazzling structure stretching 200 feet in length and soaring 30 feet high, topped by a modular space-frame stage roof. Besides the unrivaled visual experience, Brooklyn Mirage offered attendees top-notch programming. Alesso, Disclosure, David Guetta, Kaskade, Marshmello and Zedd are just a few fan-favorite artists to have headlined the venue this year. Brooklyn Mirage also hosted incredible takeovers by the likes of Anjunadeep, Tale Of Us’ Afterlife, Lee Burridge’s All Day I Dream and Zeds Dead’s Deadbeats. And after acquiring Electric Zoo, the venue now buzzes beyond its East Williamsburg dancefloor. The Brooklyn...
Electric Zoo was wild. Over 100,000 people from 50 states and 51 countries took to Randall’s Island Park over Labor Day Weekend for the festival’s 13th edition. Fanfare is always high for Electric Zoo since it’s New York’s premier EDM festival, but the buzz was louder than ever in 2022 given its acquisition by New York’s most popular electronic music venue, Avant Gardner. “Having spent 13 years with E-Zoo since its inception, I have to say that this was one of the most special editions we’ve ever had,” Michael Julian, Electric Zoo’s Chief Of Marketing said. “Working together with the new ownership we’ve brought about the start of an inspiring collaboration.” Electric Zoo 2022 lights up against the New York skyline. Alive Coverage Like past editions, Electric Zoo’s 2...
We did not Chelsea this coming. A former United States Army soldier, Chelsea Manning was famously convicted in 2013 for a myriad of offenses, including violations of the Espionage Act, after leaking nearly 750,000 classified military and diplomatic documents to WikiLeaks. She served seven years in prison, from 2010 to 2017, after her sentence was commuted by former President Barack Obama. After her release from prison in 2017, Manning, a former DJ, made her living through various speaking engagements. And after teasing a return to music earlier this summer, it appears she has dusted off her turntables and updated her Rekordbox library. Manning recently performed at a rave in Brooklyn, throwing down a DJ set at Elsewhere after a hiatus of over 15 years. Scroll to Continue Rec...