FTX Pursues $700M Clawback from Celebrity Connection Investment Firm
FTX's new management is suing Michael Kives and his investment firm, K5, to retrieve $700 million allegedly misappropriated by disgraced crypto mogul Sam Bankman-Fried to buy influence. Bankman-Fried authorized the transfer of funds to Kives' K5 entities throughout 2022, according to the lawsuit. The payments were allegedly made through shell corporations. Bankman-Fried was charged with eight financial crimes and now faces 13, including conspiracy to commit wire fraud and conspiracy to defraud the United States and violate campaign finance laws.
