Crypto exchange FTX is trying to regain $1 billion in a lawsuit against founder Sam Bankman-Fried (SBF) and some former executives. FTX’s new management argues the funds were misappropriated through dubious deals and transactions made before the coin trading platform went bankrupt last fall.
Failed Crypto Firm FTX Files New Lawsuit Against Founders and Chiefs
FTX Trading, the company which operated what was one of the largest crypto exchanges, sued its founder Sam Bankman-Fried and other former executives on Thursday in an attempt to recover more than $1 billion they allegedly diverted.
Besides Bankman-Fried, among the defendants named in the suit are co-founder and former FTX Chief Technology Officer Gary Wang, former CEO of SBF’s Alameda Research hedge fund Caroline Ellison, and former FTX Engineering Director Nishad Singh, Reuters and Bloomberg reported.
The complaint filed in U.S. Bankruptcy Court, District of Delaware, accuses them of misappropriating and using the money to fi
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