🌋 Sam Bankman-Fried's Parents Decline to Surrender FTX Assets
posted 17 Jan 2024
The parents of Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX (Joseph Bankman and Barbara Fried), are refusing to give back assets received from their son. They've requested the court to dismiss the lawsuit filed by the company, asserting their ignorance of any fraudulent activities and claiming that the exchange is unjustly trying to confiscate their property.
“That relationship is not actionable,” argue the lawyers representing SBF's parents.
FTX's current management has been attempting for months, yet without success, to recover assets from Sam's family, including a $16.4 million Bahamian property and a personal gift worth $10 million. This is part of the exchange's larger initiative to recoup lost funds and settle outstanding debts.
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