FTX News: Sam Bankman-Fried, Family, Former Executives Receive Subpoenas
FTX News: Former FTX CEO Sam Bankman-Fried, his father Joseph Bankman, and family members have received subpoenas as part of FTX bankruptcy proceedings, as per a court filing on Tuesday. Former FTX and Alameda Research executives including Caroline Ellison, Gary Wang, and Nishad Singh have also received subpoenas from FTX Debtors.
According to court filings in the U.S. Bankruptcy Court for the District of Delaware, FTX debtors require all individuals to attend the court proceeding on the said data and submit all documents as characterized in the subpoena.
Joseph Bankman, Caroline Ellison, Gary Wang, and Nishad Singh or their representatives must provide a range of documents on February 16. The subpoenas focus on questionable spending by FTX insiders such as $16.7 million spent on Bahamian real estate by Bankman-Fried’s parents and a Washington, D.C., headquarters building purchased by Guarding Against Pandemics, an advocacy organization founded by the Bankman-Fried brothers.
Beleaguered crypto exchange FTX received court approval last week to issue subpoenas to former CEO Sam Bankman-Fried and all other affiliates.
Sam Bankman-Fried has pleaded not guilty to allegations of fraud for misappropriating customer funds and using these funds for trading at Alameda Research and for personal expenses. However, former Alameda CEO Ellison and FTX co-founder Wang have admitted to fraud and cooperating with federal prosecutors.
FTX News: Ongoing Investigation and Lawsuits
Meanwhile, Sam Bankman-Fried has been ordered by a judge not to use a virtual private network to access the internet, after prosecutors claim he’s using a virtual private network despite restraining orders to not communicate with former employees.
Also, the bankruptcy court has approved an earlier request by FTX to leave its Turkish entities out of bankruptcy proceedings in the U.S.
On another side, a class-action lawsuit has been filed against venture capital firms Sequoia Capital, Thoma Bravo, Paradigm, and others that invested in FTX.
Also Read: Elon Musk Declaring New CEO Pumps Dogecoin, Floki Inu, Shiba Inu Prices
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- USDH Launch Boosts Hyperliquid Amid Competitive Market Pressure
- SEC to Decide on Six Spot XRP ETF Applications in October
- Ripple Partners with Ondo Finance to Tokenize U.S. Treasuries on XRPL
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
