In the first episode of Coinage’s investigation into SBF’s upcoming defense, we looked at SBF's right-hand woman: Caroline Ellison. She is one of three FTX executives who have pleaded guilty, along with Gary Wang and Nishad Singh. This episode explores SBF’s claim that a fourth conspirator played an even larger role in FTX’s collapse: FTX’s legal partners at major law firms Fenwick & West and Sullivan & Cromwell.

It’s a lofty claim, and no doubt one that will be heavily scrutinized from all sides in the courtroom, but it’s also not without support – even from 18 state regulators and a bipartisan group of senators, who wrote, “given their long standing legal work for FTX, they may well bear a measure of responsibility for the damage wrecked on the company’s victims.”

Sullivan & Cromwell is now leading FTX’s bankruptcy process and is set to rake in nearly $800 million in legal fees over the next two years. SBF claims that money is being drained from customers, but what do they think?

You can read and watch Coinage’s full reporting on SBF’s legal defense at Coinage.Media. Watch our full trial coverage at

Read the full Coinage Article

Sign up for the daily CoinDesk SBF Trial Newsletter

Credits: Wondercraft AI Voice, Coinage and CoinDesk.