Coinspeaker
FTX Exchange Files to Reclaim $71M from Its Philanthropic and Life Science Subsidiaries
Beleaguered cryptocurrency exchange FTX has been trying to recover assets the company spent under the leadership of its former CEO Sam Bankman-Fried, who is currently awaiting trial for his involvement in the collapse of the $32 billion valued exchange. In April, the company managed to recover $7.2 billion in cash and liquid crypto assets, but the FTX exchange is now pushing to retrieve an additional $71 million.
According to a recent court document filed in the United States court, the bankrupt crypto exchange seeks to reclaim the funds from the company’s subsidiaries, the FTX Foundation and Latona. The FTX Foundation serves as the philanthropic arm of the FTX group of companies, while Latona is a non-profit organization based in the Bahamas.
Both firms received approximately $71.5 million from FTX and its sister company Alameda Research before its unfortunate collapse in November 2
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