On November 13th, according to Forbes, the FTX bankruptcy management team has launched 23 lawsuits against multiple entities, including Binance, Anthony Scaramucci and its SkyBridge Capital, Crypto.com, and Fwd.us, a lobbying group backed by Mark Zuckerberg. These lawsuits aim to recover billions of dollars lost due to the FTX crash, including lawsuits against Binance and former CEO Zhao Changpeng for up to 1.76 billion dollars.
The lawsuit notes that FTX founder Sam Bankman-Fried used sponsorships and donations to conduct "influence buying" operations to maintain its reputation and cover up the company's financing woes. FTX, for example, took a stake in SkyBridge before it collapsed and received investor support with the help of Scaramucci. The payments are said to have "little benefit" for FTX and its creditors. For aggrieved investors, the lawsuits could be a silver lining for recovering losses, albeit complicated and uncertain.
The FTX administration team has launched 23 lawsuits against multiple entities
2024-11-13 11:20:10
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