According to a lawsuit filed this week with the U.S. Bankruptcy Court for the District of Delaware, FTX lawyers are seeking to claw back $700 million from K5 Global Technology, its subsidiaries, and the firm’s founders. The attorneys allege that the defendants received funds without undergoing any due diligence, and FTX did not obtain “equivalent value.”
FTX Pursues Legal Action to Recoup $700 Million in Suspected Fund Misuse
FTX lawyers seek to claw back $700 million in funds allegedly provided to K5 Global Technology, SGN Albany Capital, Mount Olympus Capital, and the founders of K5 Global, Michael Kives, and Bryan Baum. The attorneys aim to recover the funds from the defendants following reports of millions being channeled to these companies and founders in an alleged effort to amass influence.
The attorneys maintain that FTX co-founder Sam Bankman-Fried (SBF) sought to utilize Kives and Baum for networking purposes. According to FTX lawyers, two days following the Super Bowl,
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