Customers File Class Action Lawsuit Against FTX and SBF

December 28, 2022 Story- Jai Pratap

FTX customers have filed a class action lawsuit against the defunct crypto exchange and its top executives, including Sam Bankman-Fried.

[{"selector":"#anim-8f047c88-f4f9-409f-a481-9f103c7f5bbf","keyframes":{"transform":["translate3d(-93.18637%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-77a0fa33-2598-4835-8f30-1a5f41d37099","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-838d775c-e311-4e0f-b570-672beb5795d9","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-b24db55d-3a65-4d55-a821-3a2734e41f2c","keyframes":{"transform":["translate3d(119.12751%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8ac1038b-d13b-4f20-93d1-19b6fb3bdf46","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-81495f64-c748-4d1d-8148-860394aee007","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

FTX customers are seeking preference over other creditors on whatever is left of FTX assets.

[{"selector":"#anim-23522914-3461-4f0f-a048-bada67087895","keyframes":{"transform":["translate3d(-94.70468%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d075c73f-a836-40b8-b89b-bb9b329f11f1","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ea74132e-2036-45ef-a6ac-45eaf3b6a07e","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-137317c6-f414-4c1c-8fc9-f52073ca0e7d","keyframes":{"transform":["translate3d(123.19392%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-86da24dc-5e78-44bf-b109-2e0c8f71e084","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8432f67b-5bef-4b22-8ae2-46c288d4c4af","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The lawsuit claims FTX promised to seggerage customers accounts but instead allowed them to be misappropriated and therefore customers should be repaid first.

[{"selector":"#anim-0b687a0f-b17f-4607-8bf0-a2f0b75774a3","keyframes":{"transform":["translate3d(-96.50924%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1b1a2d01-32fc-4010-90c9-f9aad721d20e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ce8c53e6-f306-41d2-a74a-d3b65d379fe7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-aa7bb56b-958e-4eb0-a471-90f85521d75f","keyframes":{"transform":["translate3d(124.25373%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-774c9d7d-2803-4bc9-82b8-cacab7c6284e","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-48449677-4955-444b-b807-7b1fa0eb6bed","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Federal prosecutors have called FTX collapse “a fraud of epic proportions” that used customers’ funds to make personal gains.

[{"selector":"#anim-553ebe59-d77b-4722-b477-04dad2638f38","keyframes":{"transform":["translate3d(-96.1039%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6117784d-b961-4f2a-9d27-4be7113ba884","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2a8f45c4-e1a9-45f5-9c87-936726c476c5","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-33bce752-630c-49d6-aa7c-875b9e96dc8e","keyframes":{"transform":["translate3d(115.55555%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8c2fec83-55ca-48e0-904e-26df664be338","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eed4bd37-53a3-497f-a834-2621b8eb56c2","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

The class action lawsuit wants to represent more than 1 million FTX customers in the United States and other countries.

[{"selector":"#anim-3a150769-3c9f-4ffd-9bb2-eefe2232ffb5","keyframes":{"transform":["translate3d(-89.8167%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0c988f68-d305-4858-a22a-38a3734a7ef4","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6eb9bda4-d5d1-4746-bd15-3cc309f00a51","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-c8cdad32-bd8e-4a3d-972e-fb7c7449efd5","keyframes":{"transform":["translate3d(121.52779%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-330428d7-cb39-415a-87d8-ce677166e825","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-982b160e-486b-4fb9-8079-7dfc3dbe52f7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Lawsuit claims assets of FTX and Alameda that are traceable to customers do not belong to them and customers should have a first right on them.

[{"selector":"#anim-fb8ef1ad-921d-480c-bc81-596b457c54ea","keyframes":{"transform":["translate3d(-95.91398%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ba83502f-03f4-49c5-ae5a-5b4b30a78b41","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e3a9b22c-0280-49e1-a4f4-59f2f5d35245","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-4475aa43-cb38-4e23-b726-6bfbab23ae23","keyframes":{"transform":["translate3d(122.02165%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c9f225e0-5010-4041-ae28-9958498d7b58","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f7079a95-fa95-4990-ad86-1f20b6b71b10","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

SBF, who is currently under house arrest, is also named in the class action lawsuit.

[{"selector":"#anim-6b80b93f-fe8b-45ea-a14b-4e70c1c2a921","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f793215b-431d-4ee3-9311-90c1a5aa4114","keyframes":{"transform":["translate3d(-94.00428%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-92a3812c-c5ee-4745-bb10-c2ab2506e362","keyframes":{"transform":["translate3d(-212.90325%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-e9b619cd-700d-4e45-b06a-346c5d7c326c","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] [{"selector":"#anim-8f42c683-8548-49e0-8644-62e54054855d","keyframes":{"transform":["translate3d(125.64102%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0aa598a2-9f70-44d3-b62a-60a02b8f9dd6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-894376bc-e5c2-43ac-a86c-3fed0f01b0b7","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Read More Stories