Failed crypto exchange FTX is suing founder and former Chief Executive Sam Bankman-Fried and others, seeking to claw back about $240 million related to the...
Failed crypto exchange FTX is suing co-founder and former Chief Executive Sam Bankman-Fried and others, seeking to claw back about $240 million related to the company’s acquisition of stock-trading platform Embed.
The... Failed crypto exchange FTX is suing co-founder and former Chief Executive Sam Bankman-Fried and others, seeking to claw back about $240 million related to the company’s acquisition of stock-trading platform Embed. The lawsuit claimed money for the Embed acquisition came from Alameda Research, FTX’s affiliated hedge fund, which had illegally diverted assets belonging to FTX — constituting fraud.believed it would help expand FTX.US’s operations into conventional securities markets, thereby enriching themselves,” the suit claimed, and FTX ended up paying a “wildly inflated” price for Embed.
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Bankman-Fried faces long odds of tossing charges despite Supreme Court decisionFTX founder Sam Bankman-Fried is hoping a recent Supreme Court decision limiting the scope of fraud prosecutions will bolster his defense as he fights charges stemming from the collapse of his cryptocurrency exchange. But legal experts said Bankman-Fried's odds of getting the charges dismissed remain slim.
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