FTX's $157 Million Lawsuit Targets Former Employees of Hong Kong Affiliate

FTX, the bankrupt crypto exchange, has filed a lawsuit against former employees of its Hong Kong affiliate, Salameda, seeking to recover approximately $157.3 million. The filing alleges that the defendants fraudulently withdrew assets from FTX accounts leading up to the exchange's bankruptcy filing. FTX's bankruptcy estate has previously attempted to reclaim payments from related parties, including FTX's ex-CEO, Sam Bankman-Fried, and Genesis Global Capital. The filing also claims that the defendants exploited their connections to FTX personnel to prioritize their withdrawals over other customers. Bankman-Fried, who is currently in jail, is scheduled to go on trial on October 3.