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Published 2 months ago

FTX sues Sam Bankman-Fried’s parents, claiming they received millions in gifts

  • Bankrupt crypto exchange FTX is suing Sam Bankman-Fried's parents, alleging they exploited their access and enriched themselves with millions of dollars from FTX funds. The parents allegedly received a $10 million cash gift and a $16.4 million luxury property in The Bahamas from their son, who is accused of one of the biggest financial frauds in American history.
  • FTX management claims that Bankman-Fried's parents helped perpetuate the fraudulent activities at the exchange and benefited from it. They are accused of turning a blind eye to misconduct and receiving fraudulent payments. The lawsuit seeks compensatory relief and the return of any property or payments made to the couple from FTX.
  • FTX, once one of the largest cryptocurrency trading firms, is trying to recover billions of dollars in missing assets. The downfall of its former CEO and the alleged fraud have caused regulatory scrutiny in the industry. The lawsuit against Bankman-Fried's parents is part of a broader bankruptcy suit filed on behalf of FTX customers who lost money.
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