Former FTX Executives and Promoters Reach a Settlement of Approximately $1.36 Million with Class Action Group

Former FTX executives and promoters have reached a settlement of nearly $1.36 million with a collective lawsuit group composed of former investors of the exchange. According to a motion filed on March 27th in the Miami federal court, FTX co-founder ZIXIAO "GARY" WANG, former engineering director NISHAD SINGH, and former CEO of ALAMEDA RESEARCH CAROLINE ELLISON have agreed to cooperate and provide information to resolve the claims against them. This motion seeks approval of the settlement agreement. The settlement agreement further stipulates that these three individuals have agreed to forfeit their assets, with the recovery and distribution of funds to victims to be determined by the judge overseeing the criminal case. Additionally, the collective lawsuit group has reached settlements with seven other YouTube influencers, as well as the former Chief Regulatory Officer and Chief Compliance Officer of FTX.US, DANIEL FRIEDBERG.