The current management of FTX filed a lawsuit against former employees of the subsidiary in Hong Kong demanding the return of $157.3 million fraudulently withdrawn. This happened on the eve of the start of bankruptcy proceedings.
The defendants were Michael Burgess, Matthew Burgess, Leslie Burgess, Kevin Nguyen, Darren Wong and two firms associated with the platform.
According to the document, during the 90-day period before the exchange filed for Chapter 11 bankruptcy protection, the named individuals benefited from withdrawals from their FTX and FTX.US accounts.
The lawsuit states that transactions amounting to more than $123 million occurred on or after November 7, with Michael Burgess being the primary recipient.
In a March presentation, exchange representatives estimated the total deficit of funds to cover creditors’ claims at $8.7 billion, of which about $1.6 billion is in Bitcoin. In June 2023, the platform’s current management team announced the return of approximately $7 billion in liquid assets.
In May, FTX filed a lawsuit against Genesis demanding the return of $3.9 billion. Subsequently, the volume of claims was reduced to $2 billion. As a result, the companies agreed to pay $175 million in favor of Alameda Research.
In July, lawyers demanded the return of $71 million from charitable units associated with the exchange.
Let us recall that in September the court approved the repurchase by online broker Robinhood of its 55 million shares worth $605.7 million, which previously belonged to the platform founder Sam Bankman-Fried.
That same month, FTX filed a lawsuit against LayerZero seeking $86 million.
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