FTX to clawback $71.5 million from Bankman-Fried’s NGO
According to court documents filed by FTX attorneys on July 19, customer funds worth $71.5 million transferred to Sam Bankman-Fried’s Life Science-focused NGO qualifies as recoverable assets and should be clawed back.
FTX lawyers wrote to a bankruptcy court that Bankman-Fried’s “sham non-profit organization” Latano and the FTX Foundation received millions from Alameda and FTX accounts. These funds were commingled user funds, lawyers asserted
The filing claims that the Bahamas-based Latano science fund and the FTX foundation invested this $71.5 million in life science companies like Lumen Bioscience and 4J Therapeutics between February-October 2022.
Do you think that FTX investors will recover their money?