Breaking By  Gagarin News
Normal +2 89 19 Sept 2023
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FTX Sues Founder's Parents for Fraudulent Transfers

By  Gagarin News 89 19 Sept 2023
Photo - FTX Sues Founder's Parents for Fraudulent Transfers

The bankruptcy estate of crypto exchange FTX has filed a lawsuit against Joseph Bankman and Barbara Fried, parents of FTX founder Sam Bankman-Fried. The suit aims to recover millions of dollars in funds allegedly transferred and misappropriated fraudulently.

The filing accuses the parents of exploiting their influence within FTX to enrich themselves at the expense of debtors and creditors. It details their purchase of a $16.4 million luxury property in The Bahamas, funded entirely by the debtors.

The parents are also accused of pushing for tens of millions in political and charitable contributions, seemingly to boost their social status.