An independent investigation revealed that Sullivan & Cromwell LLP, the law firm that oversaw FTX's bankruptcy, was unaware of the serious financial situation and potential fraud that led to the exchange's collapse. Although the firm's attorneys made false statements while representing FTX, they were unaware that the statements were false. Sullivan & Cromwell expressed confidence in its work prior to FTX's bankruptcy and welcomed the examiner's findings that it rejected various unfounded allegations. FTX filed for Chapter 11 bankruptcy protection on November 17, 2022, after Binance had planned to acquire FTX but ultimately rescinded the agreement due to concerns about financial conditions and commingling of customer funds. The incident caused FTX Token (FTT) to plummet and further exacerbated FTX's collapse. Subsequently, media reports claimed that approximately $1 billion of FTX's customer assets were missing, leading to more customers making panic withdrawals.