FTX creditors pick Paul Hastings for bankruptcy proceedings - report (update)

Update 4:10pm : Adds financial adviser for creditor committee. A nine-member creditor committee in the bankruptcy of cryptocurrency exchange FTX ( FTT-USD ) has tapped law firm Paul Hastings LLP to represent them, beating out a raft of firms that pitched for the lucrative role, The Wall Street Journal reported, citing people familiar with the matter. The committee, which was formed on December 15, is still in the process of choosing a financial advisor, the newspaper added. The representation is being led by Paul Hastings partners Kris Hansen and Chris Daniel. The unsecured creditor committee has hired FTI Consulting as its financial advisor, according to a Reorg report. FTX's implosion last month drove a number of lawsuits from the Securities and Exchange Commission and the Commodities Futures Trading Commission. Sam Bankman-Fried, the disgraced co-founder and ex-CEO of the once-mighty trading platform, is set to face criminal charges in the U.S. related to his to his allegedly poor leadership. On Wednesday evening, Bankman-Fried associates Ellison and Wag plead guilty to federal fraud charges .