Court documents filed on May 17, 2023, reveal that current executives overseeing FTX and its subsidiary, Alameda Research, have initiated a lawsuit against Sam Bankman-Fried, the former CEO of FTX, Nishad Singh, FTX’s former director of engineering, and Zixiao “Gary” Wang, co-founder of FTX. The legal action stems from the exchange’s ambitious FTX Stocks project, which was being pursued alongside the acquisition agreement with Embed, a stock clearing service.
Legal Battle Ensues as FTX Executives Accuse Former CEOs of Fraud in Relation to FTX Stocks Venture
Representatives for FTX Limited and the subsidiaries Alameda Research and West Realm Shires (WRS) are suing three former FTX executives over a deal the company now believes is “worthless.” Prior to FTX’s bankruptcy protection filing, Bankman-Fried, Singh, and Wang allegedly purchased a stock clearing firm and FINRA-licensed broker-dealer called Embed. The deal was made so FTX could launch a service called FTX Stocks bu
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