FTX investors sued Silicon Valley law firm Fenwick & West, accusing it of helping the SBF team embezzle funds.

On August 12, according to Decrypt, FTX investors filed a lawsuit against Silicon Valley law firm Fenwick & West in multiple jurisdictions, alleging that the firm was "deeply involved" in FTX's collapse and helped the SBF team design shell companies and structures to steal billions of dollars in customer funds. The law firm is the only institution among the 130 firms collaborating with FTX accused of being aware of and substantially assisting in fraud. The plaintiffs claim that Fenwick designed, approved, and implemented shell companies, including North Dimension, to conceal customer fund flows, evade regulation, and use its reputation to attract over $1.3 billion in financing for FTX. An independent review report pointed out that the law firm was almost involved in all aspects of FTX Group's misconduct and provided legal advice while knowing that customer funds were being misappropriated.