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Ross Rheingans-Yoo, an <a href="https://crypto.news/tag/ftx/" data-type="link" data-id="https://crypto.news/tag/ftx/" rel="noopener noreferrer nofollow">FTX</a> charity wing employee recruited by co-founder Sam Bankman-Fried, is seeking the remaining $275,000 of his alleged 2022 salary bonus.
The attorneys for Ross Rheingans-Yoo stated in a legal document<a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MjU5MTEyMQ==&amp;id2=-1" target="_blank" rel="noopener noreferrer nofollow"> filed </a>on Nov. 13 that FTX had only disbursed $375,000 of his entitled $650,000 bonus. They argue that the remaining amount was still owed when the cryptocurrency <a href="https://crypto.news/ftx-files-for-chapter-11-bankruptcy-taking-down-about-130-companies-with-it/" rel="noopener noreferrer nofollow">exchange went bankrupt</a> in November 2022.
This latest legal move is a response to FTX’s objection <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1=MjU4MzI1Ng==&amp;id2=-1" target="_blank" rel="noopener noreferrer nofollow">filed </a>on Oct. 30.
Documents shared by Rheingans-Yoo, including a Google Doc from FTX co-founder <a href="https://crypto.news/tag/sam-bankman-fried/" data-type="link" data-id="https://crypto.news/tag/sam-bankman-fried/" rel="noopener noreferrer nofollow">Sam Bankman-Fried</a>, outlined his employment terms at the FTX Foundation, with a base salary of $100,000.
Rheingans-Yoo maintains that he was not part of Bankman-Fried’s close circle and was unaware of any misappropriation of customer funds at FTX.
His legal team stated, “Rheingans-Yoo was a faithful employee who found himself in a mess he did not create.”
You might also like: <a href="https://crypto.news/ftx-token-and-other-sam-coins-surge-after-bankman-frieds-conviction/" rel="noopener noreferrer nofollow"> FTX token and other Sam Coins surge after Bankman-fried’s conviction </a>
Beyond the bonus, Rheingans-Yoo also claims entitlement to an additional $650,000 for charitable donations, a prepetition salary payment of approximately $5,700, and a post-petition salary of at least $62,800.
FTX, however, maintains that Rheingans-Yoo has already been fully compensated for his bonus, noting that he chose to receive part of the award through options in the firm’s corporate affiliates before the bankruptcy. Rheingans-Yoo disputes this claim.
The decision on Rheingans-Yoo’s bonus now rests with a Delaware bankruptcy judge overseeing FTX’s Chapter 11 proceedings.
FTX has taken legal action against Rheingans-Yoo’s Latona Biosciences Group, Bankman-Fried, and several other defendants in a related case.
The lawsuit, filed in July, seeks the return of $71.6 million in investments and donations allegedly made to various life science companies.
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 FTX seeks to recover through avoidance of transfers of $71.5m from Life Sciences, Lumen Bioscience, GreenLight Biosciences Holdings, PBC, Riboscience, Genetic Networks, 4J Therapeutics, Latona Biosciences, FTX Foundation, SBF, Ross Rheingans-Yoo and Nicholas Beckstead <a href="https://t.co/T7lF3sZmzN" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/T7lF3sZmzN</a>— Sunil (FTX Creditor Champion) (@sunil_trades) <a href="https://twitter.com/sunil_trades/status/1681963502146138112?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 20, 2023</a>
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FTX alleges these transactions were to the personal benefit of Rheingans-Yoo and Bankman-Fried without any return for FTX and Alameda Research.
Rheingans-Yoo defends his work at Latona, asserting it was aimed at producing “positive results for society” through careful analysis and due diligence of potential recipients.
Meanwhile, in a separate development, former FTX executives, including Can Sun, the former general counsel and a key witness against Bankman-Fried, have <a href="https://crypto.news/former-ftx-execs-launch-exchange-in-wake-of-fraud-scandal/" rel="noopener noreferrer nofollow">launched a new crypto platform</a> named Backpack.
Based in Dubai and operated by Trek Labs, Backpack aims to offer a more secure and transparent trading model, drawing lessons from FTX’s collapse.
Read more: <a href="https://crypto.news/ftx-lawsuit-bybit-recover-953-million-assets/" rel="noopener noreferrer nofollow"> FTX sues Bybit to recover $953m in assets </a>

Ex-FTX Foundation employee pursues unpaid $275k bonus

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