FTX Chief Executive and Restructuring Officer John J. Ray, whose team is overseeing a mammoth asset recovery task after the crypto exchange’s collapse, is accelerating efforts to recoup billion of dollars just weeks before FTX founder Sam Bankman-Fried heads to trial for what has been called one of the biggest financial frauds in American history, Bloomberg News reported. The week started off in bankruptcy court, where FTX sued Bankman-Fried’s parents on Monday to “recover millions of dollars in fraudulently transferred and misappropriated funds.” The lawsuit claims that Allan Joseph Bankman and Barbara Fried exploited their access and influence within FTX to “enrich themselves, directly and indirectly, by millions of dollars,” at the expense of the debtors and creditors. On Thursday, FTX Trading Ltd. sued four former employees of Salameda Ltd., a Hong Kong-incorporated affiliate of FTX, to recoup $153 million of transfers that they received just before the crypto trading platform collapsed. The former employees used their personal connections to prioritize withdrawals of their funds and digital assets from FTX once it became clear last November that the company was in trouble, according to a complaint filed in the U.S. Bankruptcy Court for the District of Delaware.
