FTX sues Bankman-Fried, others to recoup more than $1 billion
The Hindu
FTX Trading sued founder Sam Bankman-Fried and other former executives of the collapsed cryptocurrency exchange.
FTX Trading on Thursday sued founder Sam Bankman-Fried and other former executives of the cryptocurrency exchange, seeking to recoup more than $1 billion they allegedly misappropriated before FTX went bankrupt.
The complaint filed in Delaware bankruptcy court also names as defendants Caroline Ellison, who led Bankman-Fried's Alameda Research hedge fund; former FTX technology chief Zixiao "Gary" Wang; and former FTX engineering director Nishad Singh.
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."
The alleged fraudulent transfers occurred between February 2020 and November 2022 when FTX filed for Chapter 11 protection, and can be undone -or "avoided" - under the U.S. bankruptcy code or Delaware law, FTX said.
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A spokesman for Bankman-Fried declined to comment. Lawyers for the other defendants did not immediately respond to requests for comment.
FTX is now led by John Ray, who helped manage Enron after the energy trader's 2001 bankruptcy.
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