"Stop Tweeting": Attys Groan At FTX Head's Online Mea Culpa
Joel Telpner was quoted in the article, "'Stop Tweeting': Attys Groan At FTX Head's Online Mea Culpa," published by Law360 [sub. req'd]. The article discusses how the CEO of embattled cryptocurrency exchange FTX, Sam Bankman-Fried, apologized in a series of tweets after competitor Binance walked away from a proposed acquisition deal to save the company, but attorneys observing the situation said he should have kept quiet.
In an interview before the bankruptcy filing, Joel told Law360 that anytime a company is on the brink of bankruptcy or likely to be sued by a lot of customers, putting out tweets the way Bankman-Fried did Thursday morning is "never a good idea."
"Bad business practices are bad business practices," Joel went on to say, whether in crypto or elsewhere. He added that some of Bankman-Fried's statements could be used as fodder in potential litigation against him.