Silver

Read

<div class="cryptonews"> 
 <p class="is-style-lead">FTX intensified its asset recovery operations under legal scrutiny as founder Sam Bankman-Fried prepares for his October trial in October.&nbsp;</p> 
 <p>Spearheaded by FTX Chief Executive and Restructuring Officer John J. Ray, the company aims to reclaim billions of dollars that were lost. </p> 
 <p>In a recent development, the exchange initiated legal proceedings against the parents of Bankman-Fried. The litigation accused Allan Joseph Bankman and Barbara Fried of manipulatively siphoning off “millions of dollars” by exploiting their familial connection and influence within the company, thereby defrauding creditors and stakeholders.&nbsp;</p> 
 <h2 class="wp-block-heading" id="ftx-is-chasing-funds-across-borders">FTX is chasing funds across borders</h2> 
 <p>Additionally, FTX Trading Ltd targeted former associates in Hong Kong with legal action. The company is seeking to claw back $153 million in <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s from four ex-employees of Salameda Ltd, an affiliated Hong Kong-based corporation. These individuals are alleged to have given preferential treatment to their own funds and digital <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s when the platform’s financial instability became evident last fall. The complaint was filed in the U.S. Bankruptcy Court for the District of Delaware.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SBF’s father was unhappy with $200k salary at FTX 
 </div> 
 <p>High-profile distressed debt investors haven’t shied away from the unfolding drama. Firms like Silver Point Capital, Diameter Capital Partners, and Attestor Capital have acquired over $250 million in FTX debts since the start of the year. These companies are wagering that the protracted bankruptcy procedures will unveil additional lucrative <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s, as revealed by Bloomberg’s court record examination.</p> 
 <p>But lawsuits aren’t the sole avenue for <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> retrieval. In a rather surprising move, Stanford University has volunteered to repay several million dollars it had received from FTX and its connected entities. These donations, amounting to approximately $5.5 million, were made between November 2021 and May 2022; ; Bankman-Fried’s parents were professors at Stanford Law School. </p> 
 <p>As the date of Bankman-Fried’s <a rel="noopener noreferrer nofollow" title="trial" href="https://thebittimes.com/tag/trial.html">trial</a> approaches, FTX is pulling no punches in its aggressive pursuit of lost <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s. With billions at stake, and the eyes of the financial world closely watching, the outcome of these legal endeavors may very well define the future of centralized exchanges and the broader landscape of the crypto industry.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> BitBoy dismissed from FTX case as three celebrities settle 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-ramps-up-asset-recovery-ahead-of-bankman-fried-s-trial-tbt63745.html">https://thebittimes.com/ftx-ramps-up-asset-recovery-ahead-of-bankman-fried-s-trial-tbt63745.html</a></p>

FTX ramps up asset recovery ahead of Bankman-Fried’s trial

Table of Contents

TheBitTimes

Other articles published on Sep 22, 2023

Kaspa (KAS) Experiencing Climbing Hashrate and Falling Rewards: What’s Behind the Divergence?

Marieke Flament to step down as CEO of the NEAR Foundation

Female Valorant Pro Faces VCT Tryout Challenges Due to Gender Bias

WazirX says India will likely keep onerous crypto taxes until 2025

SNX Price Prediction: SNX Shows Weak Cues, Will it Hold $2?

There’s a ‘Good Chance’ Altcoins Will Be Struggling Over Coming Months, According to Benjamin Cow...

Join our free newsletter for daily crypto updates!