FTX Fraud Controversy Intensifies as Fenwick & West Denies Involvement
Fenwick & West's Legal Response: The law firm Fenwick & West is seeking to dismiss a lawsuit claiming it played a significant role in the FTX fraud, asserting there is no evidence of their awareness of any wrongdoing by FTX.
Plaintiffs' Allegations: Plaintiffs argue that evidence from Sam Bankman-Fried’s trial and FTX's bankruptcy proceedings indicates Fenwick was deeply involved in facilitating fraudulent activities, including improper loans and mismanagement of customer funds.
Denial of Liability: Fenwick contends that providing routine legal services does not equate to liability for fraud, emphasizing that they were unaware of any illegal actions taken by FTX executives.
Request to Amend Lawsuit: The firm criticizes the plaintiffs' attempt to amend their complaint as a tactic to delay proceedings and reintroduce previously dismissed claims against other defendants.
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Technical Analysis for FTT
Technical Sentiment Analysis for FTX Token (FTT). As of , FTX Token (FTT) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for FTT stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, FTT is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
FTX Token (FTT) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.15 | 0.226 | 0.291 | 0.367 | 0.432 | 0.508 | 0.574 |
| Fibonacci | 0.226 | 0.28 | 0.313 | 0.367 | 0.421 | 0.454 | 0.508 |
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