Reuters: FTX sues former Hillary Clinton aide, attempting to recover $700 million investment allegedly made with misappropriated FTX funds

2023-06-23 11:16:35

Collection

ChainCatcher news, according to a report by Reuters, FTX has sued Hilary Clinton's former aide Michael Kives and Michael Kives' investment firm in the bankruptcy court in Wilmington, Delaware, attempting to recover a $700 million investment allegedly made using misappropriated FTX funds.

FTX stated that its founder Sam Bankman-Fried (SBF) was a "profligate benefactor" who provided cash to Michael Kives, K5 Global's company K5 Global, and K5 co-founder Bryan Baum as part of a scheme to fraudulently use company assets for personal gain.

The lawsuit claims that SBF authorized a transfer of $700 million to K5 entities in 2022, and in the days leading up to FTX's bankruptcy in November 2022, SBF relied on K5's celebrity and business connections to secure rescue financing. (source link)

Related tags

FTX K5 Global

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.