Article reading time:
The failing FTX's interim administration has sued FTX Digital Markets and its Bahamian liquidators, alleging they are wrongfully claiming the assets of the cryptocurrency exchange.
FTX Interim Administration Asks U.S. Judge forJohn Dorsey bankruptcy cases to intervene and confirm that the assets of exchange founder Sam Bankman-Fried and other employees placed in the Bahamas unit were “fraudulent transfers” and therefore rightfully belong to FTX .
Lawyers representing the FTX Group describethe Bahamian division as an economic and legal "dummy" created for "cover". The liquidators of the Bahamas exchange "continue to make unreasonable demands that will harm FTX.com customers and other creditors," according to a statement from FTX's interim administration.
The liquidators of FTX Digital Markets' Bahamian unit, which is not bankrupt, were claiming the assets of FTX.com. This is stated in the court documents of the company.
The crash of FTX in November 2022 shocked the entirethe cryptocurrency industry. The founder of the exchange, Sam Bankman-Fried, is accused of eight criminal offenses, but does not admit his guilt. Now the former head is released on bail in the amount of $ 250 million.
Interim FTX managers were able to detectonly $2.7 billion of the $11.6 billion that should have been in customer accounts. Part of the shortfall can be attributed to Alameda Research, which borrowed $9.3 billion from customer accounts before the crash.
It was recently revealed that the founders and key employees of the failing FTX received $3.2 billion in payments and loans, mostly from a subsidiary of Alameda Research.