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The FTX bankruptcy management team has initiated 23 lawsuits against multiple entities

The FTX bankruptcy management team has initiated 23 lawsuits against multiple entities

Bitget2024/11/13 10:49

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.

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