The FTX bankruptcy management team has initiated 23 lawsuits against multiple entities
On November 13, according to Forbes, the FTX bankruptcy management team has initiated 23 lawsuits against multiple entities, including Binance, Anthony Scaramucci and his SkyBridge Capital, Crypto.com, and lobbying organization Fwd.us supported by Mark Zuckerberg. These lawsuits aim to recover billions of dollars lost due to the collapse of FTX, with the lawsuit amount against Binance and former CEO Zhao Changpeng reaching up to $1.76 billion.
The lawsuit documents point out that FTX founder Sam Bankman-Fried had carried out "influence buying" activities through sponsorships and donations in order to maintain his reputation and cover up the company's financial crisis. For example, before going bankrupt, FTX had invested in SkyBridge and gained investor support with Scaramucci's help. These expenditures are alleged to have been "almost no benefit" for FTX or its creditors. For victimized investors these lawsuits may be a glimmer of hope for recovering losses despite complex litigation processes and uncertain outcomes.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
UK FCA plans to simplify retail investment rules, allowing high-net-worth individuals to opt for higher-risk products
Jupiter: WET public sale will be delayed by 10 minutes and will start at 23:10
Bitget has launched USDT-margined STABLE perpetual contracts with a leverage range of 1-25x.
Jupiter restarts WET public sale ahead of countdown, token claiming will begin at 22:00 on December 9