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FTX Sues Founder and Former Executives for Alleged $1B Misappropriation

FTX Trading has filed a lawsuit against its founder, Sam Bankman-Fried, and other former executives for allegedly misappropriating $1 billion before the company's bankruptcy. The complaint accuses the defendants of using the funds to finance personal projects and a luxurious lifestyle, resulting in one of the largest financial frauds. The fraudulent transfers reportedly occurred between February 2020 and November 2022, and FTX is seeking to recover more than $725 million.

The lawsuit is one of several legal battles that FTX has faced since its bankruptcy, with Caroline Ellison, former CEO of Alameda Research, expected to be a key witness in Bankman-Fried's upcoming criminal trial.

Sam Bankman-Fried bankruptcy
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