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FTX sues Sam Bankman-Fried and other former executives to get $1B back

FTX has sued former CEO Sam Bankman-Fried and a number of other different former key executives of the now-bankrupt crypto change to get better greater than $1 billion in misappropriated funds.

Former Alameda Analysis CEO Carolyn Ellison, FTX co-founder Zixiao “Gary” Wang, former FTX engineering director Nishad Singh and Bankman-Fried have been named as defendants in a grievance filed July 20 in a United States chapter courtroom. .

Within the lawsuit, FTX claimed that the defendants violated their fiduciary duties by “allegedly misusing buyer funds on an ongoing foundation to finance luxurious condominiums, political and ‘charitable’ contributions, speculative investments and different main tasks.” “

Moreover, the lawsuit alleged that the previous executives “abused their management” over FTX and its related firms to commit “one of many largest monetary frauds in historical past”.

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