FTX Administrators Aim To Reclaim $71M From Charitable And Life Science Divisions
Portfolio Pulse from Murtuza Merchant
FTX administrators are seeking to reclaim over $71 million from the insolvent exchange's charitable and life science divisions, FTX Foundation and Sam Bankman-Fried's Latona life sciences fund. The funds were invested in the life sciences sector, including companies like Lumen Bioscience, GreenLight Biosciences, Genetic Networks, and 4J Therapeutics. The administrators argue that these donations were made for Bankman-Fried's personal enhancement. The lawsuit also involves K5 Global, Mount Olympus Capital, and SGN Albany Capital.
July 20, 2023 | 2:03 pm
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FTX administrators' attempt to reclaim funds could potentially impact the value of FTT. The ongoing legal issues and bankruptcy proceedings may create uncertainty among investors.
The ongoing legal issues and bankruptcy proceedings surrounding FTX could create uncertainty among investors, which could potentially lead to a decrease in the value of FTT in the short term.
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