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News

FTX Seeks To Recover $71M Charity For Life Science Organizations

July 20, 2023 - Around 3 mins mins to read

Key Points:

  • FTX seeks to recover more than $70 million that Sam Bankman-Fried has given away and invested in life science entities.
  • This is the latest move by the bankrupt company to recover capital for its customers.
  • Last month, Alameda’s lawyers asked this exchange’s founder to recover $700 million he used to build relationships with celebrities.
The bankrupt cryptocurrency exchange FTX is exploring a way to recover $71 million that Sam Bankman-Fried (SBF) gave away to life science entities.
FTX Seeks To Recover $71M Charity For Life Science Organizations

According to Coindesk, the defunct cryptocurrency exchange FTX and its sister company Alameda want to get back more than $71 million from FTX’s philanthropy and other life sciences organizations, according to court documents filed on Wednesday.

The FTX Foundation, in tandem with Latona, took roughly $71.5 million from FTX and Alameda Research “to make investments in and donations to life sciences companies for Bankman-Fried’s aggrandizement,” advocates personal aggrandizement.

Records show they transferred money to life science companies such as Lumen Bioscience Inc. and Platform Life Science Inc. under the guise of effective altruism, a philosophy that advocates the transfer of wealth from wealthy individuals to those in financial need.

“While purporting to make these investments for altruistic purposes (i.e., pandemic prevention and preparedness), Bankman-Fried in fact pursued these transactions because he believed that doing so would generate goodwill and amass political capital and influence for himself,”

The lawyers said in the filing.

Besides the $7 billion that has been recovered since then, the bankruptcy group said it is expecting more recoveries. This is the latest move by the bankrupt company to recover capital for its customers.

Last month, lawyers for Alameda asked the founder of FTX to recover $700 million, which Sam Bankman-Fried appears to have paid to forge connections with celebrities and politicians. This month, FTX also asked the court to recover $323 million from the leadership team of the exchange’s European branch.

At the end of June, the failed crypto exchange recovered $7 billion of the $8.7 billion owed to customers. Former FTX executives are said to have mixed and misused client funds. After a reasonably favorable withdrawal process, this exchange has stated the crypto exchange may reopen next year.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

News

FTX Seeks To Recover $71M Charity For Life Science Organizations

Key Points:

  • FTX seeks to recover more than $70 million that Sam Bankman-Fried has given away and invested in life science entities.
  • This is the latest move by the bankrupt company to recover capital for its customers.
  • Last month, Alameda’s lawyers asked this exchange’s founder to recover $700 million he used to build relationships with celebrities.
The bankrupt cryptocurrency exchange FTX is exploring a way to recover $71 million that Sam Bankman-Fried (SBF) gave away to life science entities.
FTX Seeks To Recover $71M Charity For Life Science Organizations

According to Coindesk, the defunct cryptocurrency exchange FTX and its sister company Alameda want to get back more than $71 million from FTX’s philanthropy and other life sciences organizations, according to court documents filed on Wednesday.

The FTX Foundation, in tandem with Latona, took roughly $71.5 million from FTX and Alameda Research “to make investments in and donations to life sciences companies for Bankman-Fried’s aggrandizement,” advocates personal aggrandizement.

Records show they transferred money to life science companies such as Lumen Bioscience Inc. and Platform Life Science Inc. under the guise of effective altruism, a philosophy that advocates the transfer of wealth from wealthy individuals to those in financial need.

“While purporting to make these investments for altruistic purposes (i.e., pandemic prevention and preparedness), Bankman-Fried in fact pursued these transactions because he believed that doing so would generate goodwill and amass political capital and influence for himself,”

The lawyers said in the filing.

Besides the $7 billion that has been recovered since then, the bankruptcy group said it is expecting more recoveries. This is the latest move by the bankrupt company to recover capital for its customers.

Last month, lawyers for Alameda asked the founder of FTX to recover $700 million, which Sam Bankman-Fried appears to have paid to forge connections with celebrities and politicians. This month, FTX also asked the court to recover $323 million from the leadership team of the exchange’s European branch.

At the end of June, the failed crypto exchange recovered $7 billion of the $8.7 billion owed to customers. Former FTX executives are said to have mixed and misused client funds. After a reasonably favorable withdrawal process, this exchange has stated the crypto exchange may reopen next year.

Coincu will continue to update the situation related to Sam Bankman-Fried, you can find out more information through this article.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.