FTX sued SBF and several other former executives in Delaware bankruptcy court on Thursday, accusing them misappropriated more than $1 billion before FTX went bankrupt, seeking to recover the funds.
Other defendants include former Alameda Research CEO Caroline Ellison, former FTX technology chief Gary Wang, and former FTX engineering director Nishad Singh.
According to FTX, the defendants conducted various fraudulent transfers between February 2020 and November 2022 that benefited them personally, but did nothing for FTX. The transfers include taking $546 million from Alameda Research to acquire shares of Robinhood Markets, providing Alameda Research with allegedly sham loans, using fake loans to acquire stock from FTX worth $250 million, and more. In addition, SBF once gave his father a $10 million gift, and the money is now paying for SBF's criminal defense bills.
"The transfers were made when FTX-related entities were insolvent, and defendants knew it," FTX added.
Related: FTX’s New Management Recovers $7 Billion in Liquid Assets
SBF Received $2.2B Mainly from Alameda Research, FTX Discloses
SBF Pleads Not Guilty to 5 New Federal Charges, Including Bribery
TokenInsight is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email news@tokeninsight.com. Your trust will be well respected.
FTX
SBF
Alameda Research
