Case 22-11068-JTD     Doc 196    Filed 12/09/22    Page 1 of 11



                IN THE UNITED STATES BANKRUPTCY COURT
                     FOR THE DISTRICT OF DELAWARE

In re:                              )      Chapter 11
                                    )      Case No. 22-11068 (JTD)
FTX TRADING LTD., et al.,           )      (Joint Administration Pending)
                                    )
         Debtors.                   )      Hearing: Dec. 16, 2022, 10:00 a.m.

    EXPEDITED MOTION OF BLOOMBERG L.P., DOW JONES &
  COMPANY, INC., THE NEW YORK TIMES COMPANY AND THE
   FINANCIAL TIMES LTD. TO INTERVENE FOR THE LIMITED
  PURPOSE OF OBJECTING TO THE MOTION OF DEBTORS FOR
  ENTRY OF A FINAL ORDER AUTHORIZING THE DEBTORS TO
       REDACT OR WITHHOLD CERTAIN CONFIDENTIAL
 INFORMATION OF CUSTOMERS AND PERSONAL INFORMATION
                     OF INDIVIDUALS

         Bloomberg L.P., Dow Jones & Company, Inc., The New York Times

Company, and The Financial Times Ltd. (collectively, the “Media Intervenors”)

hereby move to intervene for the limited purpose of objecting to Debtors’ Motion

for Entry of a Final Order Authorizing the Debtors to Redact or Withhold Certain

Confidential Information of Customers and Personal Information of Individuals.

                                   BACKGROUND

         1.      When Debtors filed their petition for relief under Chapter 11, it sent

shockwaves throughout the financial community in general, and the crypto

investing community in particular. FTX’s new CEO John Ray told this Court

that “never in my career have I seen such a complete failure of corporate controls

and such a complete absence of trustworthy financial information as occurred

here. From compromised systems integrity and faulty regulatory oversight

abroad, to the concentration of control in the hands of a very small group of
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inexperienced, unsophisticated and potentially compromised individuals, this

situation is unprecedented.” Declaration Of John J. Ray III in Support of Chapter

11 Petitions and First Day Pleadings,” D.I. 24 (November 17, 2022).

      2.      The bankruptcy filing is of significant and legitimate public concern

given FTX’s leading role in cryptocurrency, the scale of potential

mismanagement and wrongdoing, the reputational and financial impact of its

collapse on the cryptocurrency field,1 the scale of creditors’ losses, and the

related, collateral financial impact on third parties and markets.2 Records in these

proceedings indicate that potentially more than a million creditors will be

affected. D.I. 45 ¶7 (“the Debtors have hundreds of thousands if not over one



1      E.g., Allison Morrow, “BlockFi files for bankruptcy as FTX contagion
grips crypto markets,” https://www.cnn.com/2022/11/28/business/blockfi-
bankruptcy-ftx-fallout/index.html (Nov. 28, 2022); Laura Kelly, “Here’s the
Latest on the FTX Collapse,” https://www.nytimes.com/article/ftx-bankruptcy-
crypto-collapse.html (Nov. 28, 2022); Vildana Hajric, “Crypto Markets Buckle
as       FTX       Bankruptcy       Spurs       Search     for    Casualties,”
https://www.bloomberg.com/news/articles/2022-11-11/crypto-markets-buckle-
as-ftx-filing-spurs-search-for-casualties?leadSource=uverify%20wall (Nov. 11,
2022); Jonathan Randles & Soma Biswas, “DOJ Watchdog Calls for Independent
FTX Probe in Bankruptcy,” https://www.wsj.com/articles/doj-watchdog-calls-
for-independent-ftx-probe-in-bankruptcy-11669940711 (Dec. 1, 2022).

2      “Robinhood…has seen its stock price take a hit; FTX took a 7.6% stake in
the platform earlier this year. Elsewhere, high-profile investors like Sequoia have
written down their investments in FTX — worth hundreds of millions of dollars
— to zero. The wild gyrations of bitcoin and other digital coins may be a result
of forced selling, as FTX and others have had to raise funds to cover withdrawals
and margin calls and raise capital.” PYMNTS, “BitPay CEO Says Knock-On
Effects        of        FTX’s        Collapse        Not         Yet       Clear,”
https://www.pymnts.com/cryptocurrency/2022/bitpay-ceo-knock-on-effects-of-
ftxs-collapse-not-yet-clear/ (Nov. 14, 2022).
                                         2
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million creditors and other parties-in-interest”). The Media Intervenors and other

news organizations have been closely reporting on these proceedings and issues.3

      3.      Debtors have been accused of lack of transparency in their business.

That mindset appears to have carried over to this bankruptcy, as they have taken

the extraordinary step of seeking to keep under seal their list of creditors, a



3      E.g., Joshua Oliver, Scott Chipolina and Nikou Asgari, “Sam Bankman-
Fried’s      $32bn    FTX      crypto    empire    files     for     bankruptcy,”
https://www.ft.com/content/afe56c4e-2d68-457e-bbb2-476752d5f02