Bankrupt crypto exchange FTX, along with its sister firm, Alameda Research, is still maneuvering through its bankruptcy proceedings. And currently, they have their sights set on a substantial sum. Specifically, more than $71 million that they hope to recover from various philanthropic and life science entities.
This recovery effort centers on allegations that FTX and Alameda’s corporate funds were channeled to different organizations for the “personal aggrandizement” of their founder, Sam Bankman-Fried, as indicated in recent court documents.
Altruism Or Aggrandizement? The Underlying Motives
The court filings reveal that the FTX Foundation and Latona were allegedly instrumental in diverting approximately $71.5 million from FTX and Alameda Research. This fund movement was supposedly done under the banner of ‘effective altruism,’ supporting life science companies like Lumen Bioscience Inc. and Platform Life Sciences Inc.
Related Reading: FTX Australian Entity Dealt A Heavy Blo
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