FTX attempting to recover millions donated to charities
Defunct crypto exchange FTX and its founder Sam Bankman-Fried (SBF) donated millions to charities. Now the firm’s new management is trying to recover the donations, the Wall Street Journal (WSJ) reported on Jan. 8.
Federal prosecutors and regulators allege that SBF, FTX, and its affiliates, which include defunct hedge fund Alameda Research, stole user funds and poured billions of dollars into risky bets that did not pan out. FTX and its affiliates filed for bankruptcy in November 2022. SBF pled ‘not guilty’ to multiple counts of fraud earlier this week, and his criminal trial is set for October 2023.
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