FTX Files Lawsuit Against Sam Bankman-Fried’s Parents
FTX, the bankrupt cryptocurrency exchange, has taken legal action against the parents of its co-founder and former CEO, Sam Bankman-Fried.
The company is seeking to recover “millions of dollars” in funds and assets that were allegedly misappropriated by Joseph Bankman and Barbara Fried.
According to FTX’s lawsuit, Bankman and Fried used their influential positions in the company to enrich themselves. Despite being professors at Stanford Law School, the complaint accuses them of not promoting the exchange but instead taking advantage of it for personal gain.
The lawsuit does not specify the exact amount of damages, but it does mention several instances of property transfers.
One of these is the acquisition of Blue Water, for which FTX paid $18.9 million. However, the rights to this property were allegedly obtained by Bankman and Fried.
The complaint also alleges that Bankman’s knowledge of tax laws and FTX Group’s complex corporate structure enabled him and his wife to receive a cash gift of $10 million from the Alameda fund.
