FTX bankruptcy attorneys approach the SBF family in search of further assets

FTX bankruptcy attorneys pursue the SBF family in search of further assets. Attorneys for FTX have petitioned Bankruptcy Court Judge John Dorsey for permission to summon Sam Bankman-Fried’s relatives so that they may testify under oath about any financial gains they may have made through FTX’s company.

Bloomberg claims that Bankman-Fried’s brother Gabriel was lobbying politicians from a posh D.C. residence while Bankman-Fried’s father a law professor, provided tax guidance to FTX workers.  In 2022, Fried spent a substantial sum supporting mostly Democratic candidates.

The attorneys continue to aggressively pursue outstanding FTX assets, notwithstanding the new discovery of around $5 billion to pay consumers. In addition, its new chief executive officer, John J. Ray III, said that a new task force was studying the possibility of restarting the exchange in order to secure the necessary liquidity to repay consumers.

The brothers’ participation in the program demonstrated their dedication to the effective altruism ideology. Using FTX funds, they made a variety of investments, including a $12 million donation to a California ballot measure aimed at identifying new viruses and sponsoring the political campaign of an Oregon biosecurity specialist.

The application to summon the family focuses more on their use of funds earned via the alleged scamming of FTX clients than on their biological ties to Sam Bankman-Fried.

Attorneys assert that Bankman-Fried’s parents resided in a $16.4 million Bahamian house while knowing it belonged to FTX. They further say that Gabriel purchased a beautiful house in Washington, D.C. using false funds.

Judge Dorsey must allow any request by FTX attorneys to subpoena Sam Bankman-Fried’s family until a consensual settlement.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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