Tag: FTX

FTX to clawback $71.5 million from Bankman-Fried’s NGO

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Lawyers of the defunct crypto exchange, FTX, now argue that founder Sam Bankman-Fried commingled customer funds for “personal aggrandizement” to garner influence for himself. FTX targets life science investments According to court documents filed by FTX attorneys on July 19, customer funds worth $71.5 million transferred to Sam Bankman-Fried’s Life Science-focused NGO qualifies as recoverable assets and should be clawed back. FTX lawyers wrote to a bankruptcy court that Bankman-Fried’s “sham non-profit organization” Latano and the FTX Foundation…

FTX sues Sam Bankman-Fried and other former execs to claw back $1B

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FTX has sued former CEO Sam Bankman-Fried and several other former key executives from the now-bankrupt crypto exchange to recover more than $1 billion in misappropriated funds.  A July 20 complaint filed in a United States Bankruptcy Court named former Alameda Research CEO Caroline Ellison, FTX co-founder Zixiao “Gary” Wang, former FTX engineering director Nishad Singh and Bankman-Fried as defendants.  In the lawsuit, FTX claimed the defendants breached their fiduciary duties by allegedly misappropriating customer funds on a “continuous basis to finance luxury condominiums, political and ‘charitable’ contributions, speculative investments and…

FTX sues over investments, donations made by charity arm to life sciences companies

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FTX’s efforts to claw back customer funds are continuing. Alameda Research and FTX filed suit on July 19 seeking the return of $71.6 million in allegedly commingled corporate and customer funds related to investments and donations to life sciences companies. The defendants in the suit are six life sciences companies, the FTX Foundation philanthropical organization, the Latona Biosciences Group “sham” nonprofit, former FTX CEO Sam Bankman-Fried, FTX Foundation head Nicholas Beckstead and Latona head Ross Rheingans-Yoo. The suit claims that the FTX Foundation and Latona donated or invested funds in…

Terraform Labs seeks access to FTX wallets in fraud defense

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Terraform Labs is seeking permission from a judge to subpoena data from bankrupt crypto exchange FTX, claiming the information could help its defense against a lawsuit brought by the United States Securities and Exchange Commission in February, a court filing shows.   In a search for evidence that could back its defense from fraud charges, Terraform’s lawyers filed a motion on July 19 in FTX’s bankruptcy case to access the company’s information about digital wallets used by short sellers between March and May 2022. Terraform claims its stablecoin failure was a…

SBF and FTX Get Spoofed in Animated Comedy Starring T.J. Miller

Announced at Comic-Con, “FORTUN3,” which premieres this fall, will serve as a kind of origin story for SBF and FTX – the products of an easy-money culture mixed with unbridled tech optimism, explains John Attanasio, co-founder and CEO of Toonstar. Besides the FTX parody, viewers can expect references to other business boondoggles driven by egomaniacs with a messiah complex (think: Theranos and WeWork). T.J. Miller of “Silicon Valley” fame will voice the SBF clone. Source

Financial Stability Board Calls for Tougher Global Crypto Norms After FTX, Celsius Scandals

The Financial Stability Board (FSB), which groups regulators from some two dozen jurisdictions, including the U.S., EU, China and the U.K., published recommendations to ensure “consistent and comprehensive” regulation of the sector. The recommendations build on proposals originally floated in October and are focused on preventing the kind of behavior alleged to have been carried out by companies such as FTX and Celsius. Source

FTX victim raises $450k for liquid token startup

FTX victim, who lost over 90% of his net worth following the collapse, successfully raised $450,000 from his recently launched trading fund. Belgian resident Kasper Vendeloock recently launched Musca Capital, a new fund that trades liquid tokens. The venture is supported by Hashmask NFT project founders and two other investors. With the funds raised, Vandeloock aims to rebuild his trading systems and implement automated strategies. He will begin by trading liquid tokens on centralized exchanges. Vandeloock strives to recover from a substantial financial setback resulting from the collapse of the…