Lawyers pressure to change name: Sam Bankman-Fried, founder of FTX

FTX founder Sam Bankman-Fried said he was pressured into nominating John Ray as the crypto exchange’s chief executive in early November by Sullivan & Cromwell lawyers, who were advising his firm at the time , according to a draft of his testimony to Congress seen by Reuters .

Shortly after Bankman-Fried agreed to nominate Ray, he “offered potential funds of billions of dollars to help clients make wholes,” Bankman-Fried wrote. But by then he was told that it was too late to cancel the move.

Bankman-Fried, who was arrested earlier Monday in the Bahamas, could not be reached for comment. Sullivan & Cromwell, FTX and John Ray were not immediately available for comment.

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