The now-defunct crypto exchange FTX’s debtors have submitted a legal action lawsuit confronting the parents of the Sam Bankman-Fried. The allegations that the debtors have raised against the FTX founder’s parents take into account a supposed fund misappropriation. As per the plaintiffs, SBF’s parents allegedly took away several million after getting involved in the business of the once-prominent crypto exchange.
FTX Debtors Sue SBF’s Parents for Allegedly Exploiting Several Million on the Crypto Exchange by Using Their Influence
The law platform named Sullivan & Cromwell plays the role of the counsel for debtors as well as debtors-in-possession. The platform submitted a lawsuit against the parents of Bankman-Fried on 18 September. Barbara Fried and Joseph Bankman allegedly exploited their influence and access within the empire of FTX to make illegal profits. The plaintiffs also mentioned that they did all this causing damage to the FTX debtors.
The debtors pointed out that the parents of SBF were deeply involved in the business of the crypto exchange. This is contrary to the claims of Bankman-Fried. Back in the year 2018, he categorized Alameda as his ‘family business.’ They added that he repeatedly utilized the respective phrase to denote the FTX Group.
Even when the crypto exchange became insolvent, Fried and Bankman allegedly made illegitimate profits handsomely from the respective business. Bankman-Fried’s mother, who is a professor at Stanford Law School, had an active engagement in the political donations of FTX. Plaintiffs also asserted that Fried plays the role of the only maximum powerful advisor in the political contributions of FTX.
Plaintiffs Request the Court to Ensure the Accountability of the Accused for Their Supposed Misconduct
He repeatedly called upon the platform for the donation of millions straight to a political action group Mind the Gap. Fried herself was a co-founder of the respective forum. The debtors have requested the court to ensure Fried and Bankman’s accountability in the case of their misconduct.
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