SNEAK PEEK:
- John Ray III has ordered all who received funding from FTX to return it.
- Legal action is being threatened by FTX and its creditors in “private letters.
- Bankman-Fried and his associates allegedly stole billions of dollars in customer funds from FTX.
The new Chief Executive Officer of FTX, John Ray III, who is also in charge of managing the bankruptcy procedure, has requested that all businesses, charities, and politicians who have received any money from FTX repay it.
“Politicians, Charities and Celebrities who took donations from FTX have until February 28th to give the money back or else” pic.twitter.com/Cqpz9Gy72l
— Genevieve Roch-Decter, CFA (@GRDecter) February 17, 2023
Legal action is being threatened by FTX and its creditors in “private letters” that have been addressed to several public figures and advocacy organizations.
According to a press release issued by FTX, any politician or group that does not make a voluntary refund faces the possibility of a lawsuit being filed in bankruptcy court to recover the money, along with the interest that has accrued since the beginning of any action, and the case could go to trial.
In December, the business announced its plan to pursue the recovery of hundreds of millions of dollars in political donations made to celebrities, charities, and politicians affiliated with both the Republican Party and the Democratic Party.
Not only did Bankman-Fried and other members of the leadership of FTX donate substantial sums to political causes, but they also endowed the FTX Foundation and the FTX Future Fund with money so that they could promote his interests. In October, the FTX Foundation claimed that it had donated 140 million dollars to various causes.
Damian Williams, the United States attorney for the southern district of New York, stated that Bankman-Fried and his associates stole billions of dollars in customer funds from FTX. This was allegedly done to spend the money on luxury properties, other investments, and political contributions, as well as to prop up a hedge fund that was also set up by Bankman-Fried.
In related updates, on February 16, a hearing was held to discuss the conditions of Bankman-Fried`s bail. During that hearing, Judge Lewis Kaplan reportedly stated that there was probable cause to believe that he [Bankman-Fried] had committed or attempted to commit a federal felony while on release, specifically “witness tampering.”
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- Source: https://investorbites.com/everyone-who-received-funding-ftx-return-john-ray-iii/
