FTX Sues Investment Firm Linked to Ex-Clinton Aide for $700 Million
TL;DR Summary
Cryptocurrency company FTX is suing Michael Kives and his firm K5 Global to recover $700 million in investments allegedly made with misappropriated funds. FTX founder Sam Bankman-Fried authorized the transfer of large sums to K5, which allegedly filled the pockets of Kives and fellow execs without any benefit to the crypto exchange or its customers. Bankman-Fried apparently wanted to leverage Kives' celebrity connections. Kives did not respond to a request for comment, and a Bankman-Fried spokesperson declined to comment.
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