Based on The Shib Daily, the FTX Recovery Trust has filed a lawsuit against Genesis Digital Assets (GDA) and its co-founders, seeking to recover $1.15 billion in funds allegedly misappropriated by former FTX CEO Sam Bankman-Fried. The complaint, submitted on September 22 to the U.S. Bankruptcy Court for the District of Delaware, alleges that Bankman-Fried directed FTX and Alameda Research to purchase overvalued GDA shares, funneling more than $500 million into the firm. The lawsuit claims these actions harmed FTX customers and creditors between 2021 and 2022. Additionally, the FTX Recovery Trust announced its third distribution tranche of $1.6 billion, scheduled for September 30, which includes disputed claims.
FTX Recovery Trust Sues Genesis Digital Assets to Reclaim $1.15B in Misappropriated Funds
The Shib DailyShare
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