FTX Files Lawsuit Seeking Over $1 Billion in Damages from Bankman-Fried and Associates

FTX Trading has filed a lawsuit against founder Sam Bankman-Fried and other former executives, seeking to recover over $1 billion that they allegedly misappropriated before FTX went bankrupt. The complaint accuses the defendants of using the funds for personal expenses, luxury condominiums, political contributions, and speculative investments. FTX claims that these transfers can be undone under the U.S. bankruptcy code or Delaware law. Bankman-Fried, who has been charged with fraud, has pleaded not guilty, while the other defendants have pleaded guilty and agreed to cooperate with prosecutors.