FTX Goes After Bankman-Fried, others
This case will take years. Now the company, FTX, is going after the leaders of the firm, as the search for the missing money continues.
Bankrupt cryptocurrency exchange FTX is suing its founder, Sam Bankman-Fried, and three other former executives in an attempt to recover more than $1 billion they allegedly misappropriated. According to the complaint, Caroline Ellison, the former head of FTX's trading arm, Alameda Research, allegedly paid herself a $22.5 million bonus, part of which was funneled to a personal bank account and later invested in an AI research firm. FTX co-founder Gary Wang and former employee Nishad Singh are accused of similar transfers in the lawsuit. All three have pleaded guilty to fraud and other charges in criminal cases separate from this new suit, while Bankman-Fried has pleaded not guilty to a separate array of charges including fraud, money laundering and campaign finance violations.