FTX creditors have initiated a 106-page class action lawsuit against the law firm Sullivan & Cromwell (S&C), accusing it of being actively involved in the multi-billion dollar fraud at FTX. The lawsuit, filed by lawyers Moskowitz and Boies, alleges that S&C had prior ties to FTX, which contributed to the crypto exchange's collapse. This legal action follows over a year of requests from FTX creditors and extensive preparation by their legal team. The controversy centers around S&C's role as legal counsel for FTX, particularly after FTX hired S&C partner Ryne Miller as its US General Counsel in 2021, who is accused of immediately giving business back to S&C. The lawsuit also touches on the alleged creation and sale of Tether stablecoins as part of a profit-making scam, implicating the firm in aiding illicit schemes that advanced the fraud.