FTX on Thursday (Jul 20) sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than US$1 billion they allegedly misappropriated before FTX went bankrupt. The complaint filed in Delaware bankruptcy court also names as defendants Caroline Ellison, w
FTX on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than US$1 billion they allegedly misappropriated before FTX went bankrupt.
FTX said the defendants continually misappropriated funds to finance luxury condominiums, political contributions, speculative investments and other"pet projects" while committing"one of the largest financial frauds in history". A spokesman for Bankman-Fried declined to comment. Lawyers for the other defendants did not immediately respond to requests for comment.