FTX's ongoing legal troubles have intensified with a new lawsuit targeting both the cryptocurrency exchange and its legal counsel, Sullivan & Cromwell (S&C), for their roles in alleged fraudulent activities. Investors have accused S&C of aiding and abetting FTX's fraudulent schemes, which purportedly included the secret creation and sale of Tether stablecoins as part of a profit-making scam. This lawsuit adds to the mounting legal challenges for FTX, which has been accused of market manipulation and contributing to its own collapse. In related news, Swiss crypto hedge fund Tyr Capital, raided by a Swiss prosecutor, faces allegations of criminal mismanagement and ignoring risk warnings related to its dealings with the now-bankrupt FTX, further complicating the legal landscape surrounding FTX's downfall.