Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
FTX Seeks to Recover $71M from Its Philanthropic and Life Science Arms

FTX Seeks to Recover $71M from Its Philanthropic and Life Science Arms

CoindeskCoindesk2023/07/20 07:04
By:Elizabeth Napolitano

The firms funneled corporate funds to other organizations on behalf of their founder Sam Bankman-Fried’s "personal aggrandizement," a court filing shows.

Defunct crypto exchange FTX and its sister firm Alameda want to retrieve more than $71 million from FTX's philanthropic arm and other life science entities, according to court documents filed on Wednesday.

This is the latest move by the bankrupt firm to recover funds for its customers. Last month, Alameda's lawyers FTX founder Sam Bankman-Fried appeared to have paid to forge connections with celebrities and politicians. This month, FTX also asked the court to take back $323 million from the arm.

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 personal aggrandizement," lawyers argued.

They made the transfers to life science companies like Lumen Bioscience Inc. and Platform Life Sciences Inc. under the guise of effective altruism, a philosophy espousing the transfer of wealth from affluent individuals to those in financial need, the filing shows. But, helping the less fortunate wasn't the charitable arms true purpose, the firms' lawyers said.

"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.

t had also agreed to return $550,000 in donations it received from FTX.

Edited by Parikshit Mishra.



140

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

6 Reasons XRP Price Could Hit $1 This Summer (Opinion)

Many are wondering if XRP can reach $1 anytime soon. Well, here are a few reasons in support.

Cryptopotato2024/07/21 16:55
6 Reasons XRP Price Could Hit $1 This Summer (Opinion)