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The family of Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is fighting back against allegations against them. Joseph Bankman and Barbara Fried are seeking to have a lawsuit filed by FTX dismissed. They allege that they did not use their connections to the company for personal gain and that they are being unfairly targeted simply because of their relationship with their son.
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Key points (FTX):
- FTX accuses Bankman and Fried of enriching themselves at the expense of the company, but they say they are unaware of any wrongdoing.
- Their lawyers argue that FTX’s allegations are based on speculation and lack of concrete evidence.
- They deny the claim that Bankman had a fiduciary duty to FTX.
- They also note that the $10 million gift and the property in the Bahamas mentioned by FTX are not theirs, but were used as a workplace by employees at the company, and that the $10 million transfer was from Sam Bankman-Fried’s personal account at a time when the company was worth billions of dollars.
- FTX filed a lawsuit in September 2023 to recover millions of dollars that were allegedly transferred to Bankman and Fried.
- The outcome of this legal battle could have significant implications for the ongoing FTX bankruptcy negotiations and could set a precedent for how the family members of bankrupt company executives are held accountable.
It looks like the family of the former CEO will be fighting these lawsuits for a while longer!