Millions

Read

<ul> 
 <li>FTX files lawsuit against Sam Bankman-Fried’s parents over alleged misappropriation of millions.</li> 
 <li>The lawsuit accuses them of exploiting their influence within FTX.</li> 
 <li>Sam Bankman-Fried faces charges related to using customer deposits for investments and donations.</li> 
</ul> 
<p>The ongoing FTX cryptocurrency exchange saga has taken a dramatic twist as the exchange <a href="https://www.nytimes.com/2023/09/19/business/ftx-sam-bankman-fried-parents-sued.html" target="_blank" rel="noopener noreferrer nofollow">files a lawsuit</a> against the parents of its founder. That’s right, Sam Bankman-Fried’s parents are under fire for their son’s ‘alleged’ misappropriation of millions of dollars.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/2696.png" alt="⚖" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/FTX_Official?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@FTX_Official</a> files lawsuit against <a href="https://twitter.com/SBF_FTX?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SBF_FTX</a> parents, Joe Bankman and Barbara Fried, alleging misappropriation of funds and misuse of influence within the company. Legal battle intensifies over millions received.<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f5de.png" alt="🗞" class="wp-smiley" style="height: 1em; max-height: 1em;">More details:<a href="https://t.co/MAYVBdyphb" rel="noopener noreferrer nofollow">https://t.co/MAYVBdyphb</a><a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CryptoNews</a> <a href="https://twitter.com/hashtag/FTX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FTX</a> <a href="https://twitter.com/search?q=%24FTT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$FTT</a></p>— CryptoTvplus (@Cryptotvplus) <a href="https://twitter.com/Cryptotvplus/status/1704437883984072863?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 20, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Filed in federal court in Delaware, the lawsuit accuses Joe Bankman and Barbara Fried of exploiting their influence within the <a href="https://ftx.com/" target="_blank" rel="noopener noreferrer nofollow">FTX</a> enterprise for personal gain. FTX aims to recover the millions it claims the couple received from their son.</p> 
<p>The complaint alleges that the couple, both <a href="https://cryptonewsland.com/sbfs-parents-wont-teach-law-at-stanford-next-year/" target="_blank" rel="noopener noreferrer nofollow">Stanford law professors</a>, received a $10 million cash gift from Sam Bankman-Fried, along with a $16.4 million home in the Bahamas.</p> 
<p>FTX further alleges that Joe Bankman helped conceal complaints made by a former lawyer for his son’s business, while Barbara Fried coached Sam Bankman-Fried and another FTX executive to evade political donation disclosure requirements.</p> 
<p>During earlier legal proceedings following FTX’s collapse, it was revealed that Sam Bankman-Fried had made political donations, including to President Joe Biden. Despite this revelation, the White House did not issue directives for the $5.2 million in donated funds to be reimbursed. A DNC representative did mention that nearly $1 million given to Democrats would be returned.</p> 
<p>The lawsuit claims that the couple either knew or ignored red flags indicating their son and other FTX insiders were orchestrating a vast fraudulent scheme. FTX, once one of the world’s largest crypto exchanges, declared bankruptcy in November 2022 after an $8 billion shortfall in its funds was exposed.</p> 
<p>Federal prosecutors charged Sam Bankman-Fried with using customer deposits for investments, political donations, and luxury real estate. He has pleaded not guilty and is <a href="https://cryptonewsland.com/sbf-likely-going-to-be-convicted-friend-journalist-says/" target="_blank" rel="noopener noreferrer nofollow">set to go on trial</a> on October 3, 2023.</p> 
<p>John Ray III assumed the role of CEO of the new FTX during bankruptcy proceedings, steering the company in a new direction, including plans to pay creditors and redefine its future vision.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/sbfs-parents-wont-teach-law-at-stanford-next-year/" rel="noopener noreferrer nofollow">SBF’s Parents Won`t Teach Law at Stanford Next Year</a></li> 
 <li><a href="https://cryptonewsland.com/ftx-seeks-to-question-sbfs-parents-and-brothers-wealth/" rel="noopener noreferrer nofollow">FTX Seeks to Question SBF`s Parents and Brother’s Wealth</a></li> 
 <li><a href="https://cryptonewsland.com/sbf-and-relatives-own-property-worth-121m-in-the-bahamas/" rel="noopener noreferrer nofollow">SBF And Relatives Own Property Worth $121M In The Bahamas</a></li> 
 <li><a href="https://cryptonewsland.com/ftx-ceo-sam-bankman-fried-to-donate-up-to-1b-for-us-elections/" rel="noopener noreferrer nofollow">FTX CEO Sam Bankman-Fried to Donate up to $1B for US Elections</a></li> 
 <li><a href="https://cryptonewsland.com/sam-bankman-fried-requests-to-be-in-jail-only-during-weekends/" rel="noopener noreferrer nofollow">Sam Bankman-Fried Requests to Be in Jail Only During Weekends</a></li> 
</ul> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/parents-of-sam-bankman-fried-under-scrutiny-for-sons-mishap-with-millions/">Parents of Sam Bankman-Fried Under Scrutiny for Son’s Mishap with Millions</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Parents of Sam Bankman-Fried Under Scrutiny for Son’s Mishap with Millions

Crypto News Land

Other articles published on Sep 20, 2023

Decoding Blackrock’s Bitcoin Influence: Mining Monopoly and ETF Secrets

Justin Sun’s crypto initiative raises concerns for Huobi Global

Know These 5 Crypto Strategies to Have Multiple Income Streams!

Academic Labs Leverages AI and Crypto to Make Quality Education Accessible Globally

Balancer Faces Security Breach: Users Advised to Halt Interactions

Analis Ini Menjelaskan Alasan Di Balik Reli Terbaru Bitcoin

Join our free newsletter for daily crypto updates!