Bitcoin, the world's most popular cryptocurrency, has been on a rollercoaster ride in recent years. After hitting an all-time high of nearly $65,000 in April 2021, the digital asset's value plummeted to under $30,000 in July. However, the latest news suggests that the tide may be turning.

According to reports, whales - investors who hold large amounts of Bitcoin - have moved around $400 million worth of the cryptocurrency off exchanges. This indicates that these investors are bullish on Bitcoin's future prospects and are holding onto their assets for the long term.

The move by whales is significant because it could potentially reduce the supply of Bitcoin available on exchanges, which could result in a price increase. If demand for Bitcoin remains high, and the supply is limited, the price could soar.

This latest development comes amid increasing interest from institutional investors in Bitcoin. Several large companies, including Tesla and Square, have invested heavily in Bitcoin in recent months. This has helped to boost confidence in the cryptocurrency and has led to increased demand from retail investors.

Another factor that could be driving the recent bullish sentiment is the growing acceptance of Bitcoin as a legitimate form of payment. Several large companies, including PayPal and Visa, have announced plans to allow their customers to use Bitcoin for transactions.

However, it's worth noting that Bitcoin's value is still highly volatile. The cryptocurrency has experienced several significant price swings in the past, and there's no guarantee that it will continue to rise in value.

Despite this, many investors remain optimistic about Bitcoin's future prospects. The cryptocurrency's decentralized nature, limited supply, and growing acceptance make it an attractive investment option for those looking to diversify their portfolios.

In conclusion, the recent move by whales to withdraw $400 million worth of Bitcoin from exchanges suggests that these investors are confident in the cryptocurrency's future prospects. While there are no guarantees when it comes to investing in Bitcoin, the growing acceptance of the digital asset and increasing interest from institutional investors could help to drive its value higher in the coming years.

According to the complaint, Fenwick provided extensive legal services that enabled FTX to grow explosively amid mounting issues with missing customer money and egregious conflicts of interest.

As stated, Fenwick even “helped FTX US to develop ‘compliance’ procedures designed to skirt FTX’s regulatory obligations and conceal its noncompliance.” The lawsuit claims Fenwick is jointly liable for the massive losses when FTX shockingly collapsed in Nov. 2022.

As of press time, Fenwick has yet to respond to CryptoSlate’s request for comment. The case will likely hinge on evidence of what exactly Fenwick knew about FTX’s activities and when.

For now, it presents another major blow to the crumbling FTX empire, which federal prosecutors are investigating as an unprecedented criminal fraud.