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FTX sues Sam Bankman-Fried and different former execs to claw again $1B

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

A July 20 complaint filed in a United States Chapter Courtroom named former Alameda Analysis CEO Caroline Ellison, FTX co-founder Zixiao “Gary” Wang, former FTX engineering director Nishad Singh and Bankman-Fried as defendants.

Within the lawsuit, FTX claimed the defendants breached their fiduciary duties by allegedly misappropriating buyer funds on a “steady foundation to finance luxurious condominiums, political and ‘charitable’ contributions, speculative investments and different pet initiatives.”

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

This can be a creating story, and additional info will probably be added because it turns into obtainable.

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