FTX creditors tap Paul Hastings LLP for representation: reports

FTX creditors will be represented by Paul Hastings LLP in the crypto exchange's high-profile bankruptcy proceedings.

Paul Hastings was chosen from a pool of candidates by a nine-member committee formed last Thursday, according to The Wall Street Journal, citing people familiar with the matter. The law firm later confirmed the news to CoinDesk.

The ongoing bankruptcy proceedings for FTX see the company attempting to reclaim more than $1 billion spread around the world. Its founder and former CEO, Sam Bankman-Fried, was in FBI custody and extradited to the U.S. from the Bahamas on criminal charges. Caroline Ellison, the former CEO of Bankman-Fried's sister firm Alameda Research, agreed to a plea deal with the U.S. Department of Justice. FTX co-founder Gary Wang did the same.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

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