FTX Takes Legal Action Against Sam Bankman-Fried's Parents for Fund Misuse

FTX has filed a lawsuit against the parents of its founder, Sam Bankman-Fried, accusing them of fraudulently transferring and misappropriating millions of dollars from the company. Joseph Bankman and Barbara Fried, who are both professors at Stanford Law School, allegedly used their access and influence within FTX to enrich themselves, according to the court filing. FTX is currently being operated by new management under bankruptcy.