Coin

<ul class="news-points"> 
 <li>Last year, FTX unveiled a repayment plan to round up its Chapter 11 proceedings.</li> 
 <li>Makhat’s $500M is one of the investments FTX is trying to recover to settle customers’ claims. </li> 
 <li>Rashad Makhat continues to hold the over $500M in investment received from Sam Bankman-Fried’s hedge fund.</li> 
</ul> 
Rashad Makhat, a Kazakhstan-based businessman and former jujitsu platform, continues to hold $500 million in investments received from the Sam Bankman-Fried-led FTX and sister company Alameda Research, <a href="https://www.wsj.com/finance/currencies/the-jujitsu-champ-who-got-nearly-500-million-from-sam-bankman-fried-dbb4c9ff?mod=e2tw" target="_blank" rel="nofollow">a WSJ report details.&nbsp;&nbsp;</a> 
According to that report, Makhat sold his shares in the bitcoin-mining enterprise, worth Genesis Digital Assets, to Bankman-Fried. The deal was finalized just months before FTX collapsed in late 2021.&nbsp; 
Since its Chapter 11 proceedings began, the new administration of the crypto exchange has tried to recover funds spent by SBF in what they refer to as a “spending spree.” That includes money spent on company acquisitions, assets purchased, and money received by SBF parents.&nbsp; 
WSJ report indicates that Makhat’s lawyers in London confirmed the founder remains in possession of the proceeds. During the Sam Bankman-Fried trial, the deal with Makh…
The post <a href="https://coinedition.com/ftx-clawback-a-founder-continues-to-hold-500m-received-from-sbf/">FTX Clawback: A Founder Continues to Hold $500M Received from SBF</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

FTX Clawback: A Founder Continues to Hold $500M Received from SBF

Coin Edition

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