📣 FTX Employee Seeks Unpaid Bonus in Court

posted  14 Nov 2023
Photo - FTX Employee Seeks Unpaid Bonus in Court
Ross Rheingans-Yoo, an ex-employee of the now-bankrupt crypto exchange FTX's charitable arm, is pursuing legal action to claim the remaining $275,000 of a bonus he asserts was promised by Sam Bankman-Fried upon his recruitment. He has reportedly only received $375,000 for his tenure, which lasted less than a full year.

His legal team argues that Rheingans-Yoo diligently fulfilled his duties and was unaware of any misconduct by Sam, particularly regarding the misappropriation of client funds. Emphasizing that he was not part of the former CEO’s inner circle, they dispute the exchange's new leadership's assertion that the employee had already received his entitlement in options before the bankruptcy.

Previously, FTX had previously demanded Latona Biosciences Group, owned by Rheingans-Yoo, to return $71 million in investments and donations, citing alleged misuse. Rheingans-Yoo insists these funds were appropriately directed towards medical research, contributing to societal well-being.