SEC: FTX Diverted $200 Million of Customer Money for Two Venture Deals

The SEC says that $200 million of the billions of dollars in customer deposits that instantly disappeared from FTX were invested in two companies: financial technology company Dave and Web3 company Mysten Labs. At the time, the two companies said they would "work together to expand the crypto ecosystem".

The SEC explicitly tied the two $100 million investments to customer funds, raising the possibility that they could be recovered. If the FTX bankruptcy trustee is able to determine that client money became investment funds for SBF, they could seek to recover those funds as part of the recovery of client assets.