Gary

Coin

<ul class="news-points"> 
 <li>Legal action unveils extensive fraud at bankrupt crypto giant FTX Trading.</li> 
 <li>Lawsuit exposes alleged cash shortfall and dubious transactions at FTX.</li> 
 <li>Accusations of island acquisition and unpaid equity in lawsuit against FTX co-founder.</li> 
</ul> 
The latest legal action against Sam Bankman-Fried, co-founder of the <a href="https://coinedition.com/bankrupt-ftx-seeks-to-recover-71m-from-its-philanthropic-arm/" target="_blank" rel="noopener noreferrer nofollow">now-bankrupt crypto giant FTX</a> Trading Ltd., and his former top execs has shed light on the allegations of extensive fraud within the collapsed crypto empire. 
FTX Trading is reportedly attempting to recover millions of dollars in cash and reverse over $1 billion in dubious transactions, according to the <a href="https://restructuring.ra.kroll.com/FTX/Home-DocketInfo" target="_blank" rel="noopener noreferrer nofollow">lawsuit</a> filed recently. 
The lawsuit uncovers that Caroline Ellison, former co-CEO of the associated hedge fund Alameda Research, had projected a cash deficit exceeding $10 billion at FTX.com, approximately eight months prior to the crypto exchange’s downfall. 
The legal document also alleges that <a href="https://coinedition.com/tag/bankman-fried/" target="_blank" rel="noopener noreferrer nofollow">Bankman-Fried</a>, along with former FTX Chief Technology Officer Gary Wang, withdrew $546 million from Alameda in May 2022 to purchase shares in Robinhood Markets Inc. 
<h2 class="wp-block-heading" id="h-the-lawsuit-includes-several-other-accusations"><a></a>The lawsuit includes several other accusations</h2> 
The lawsuit alleges that a memo exchanged between… 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/ftx-faces-fresh-controversy-alleged-island-buying-plan/">FTX Faces Fresh Controversy: Alleged Island-Buying Plan</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

FTX Faces Fresh Controversy: Alleged Island-Buying Plan

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