{"id":81981,"date":"2023-07-20T17:38:10","date_gmt":"2023-07-20T14:38:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81981"},"modified":"2025-09-12T02:20:00","modified_gmt":"2025-09-11T23:20:00","slug":"ftx-seeks-71-million-return-from-its-charitable-divisions","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-seeks-71-million-return-from-its-charitable-divisions\/","title":{"rendered":"FTX seeks $71 million return from its charitable divisions"},"content":{"rendered":"<p>The leadership of the collapsed FTX <a href=\"https:\/\/restructuring.ra.kroll.com\/FTX\/Home-DocketInfo\">is trying to recover<\/a> about $71 million from the company&#8217;s charitable and biomedical divisions.<\/p>\n<p>Only the Latona Scientific Foundation, the foundation of former platform head Sam Bankman-Fried (SBF), received about $71.5 million from FTX and Alameda Research. Between February and October 2022, the subsidiaries also invested in Lumen Bioscience, GreenLight Biosciences, Genetic Networks and 4J Therapeutics.<\/p>\n<p>According to the exchange&#8217;s lawyers, these donations were made &#8216;for the personal aggrandisement of Bankman-Fried&#8217;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8216;The FTX Foundation was a charitable arm of the group of companies, and Latona was a sham nonprofit registered in the Bahamas,&#8217; according to court documents.<\/p>\n<\/blockquote>\n<p>Company representatives added that the former CEO made donations &#8216;to accumulate political capital and increase his influence&#8217;.<\/p>\n<p>In June, FTX <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-sues-bankman-frieds-friends-to-recover-700-million\">filed a lawsuit<\/a> against SBF&#8217;s partners and related firms, seeking to recover $700 million in investments.<\/p>\n<p>Earlier, the U.S. prosecutors <a href=\"https:\/\/u1f987.com\/en\/news\/sam-bankman-fried-accused-of-bribing-a-chinese-official\">indicted<\/a> Bankman-Fried on 13 criminal counts. He <a href=\"https:\/\/u1f987.com\/en\/news\/sam-bankman-fried-refuses-to-plead-guilty-trial-set-for-october\">pleaded not guilty<\/a> to all counts.<\/p>\n<p>Earlier, the Metropolitan Museum of Art in New York <a href=\"https:\/\/u1f987.com\/en\/news\/the-metropolitan-museum-of-art-to-return-550000-donated-by-ftx\">agreed to return<\/a> $550,000, donated by the exchange.<\/p>\n<p>Previously, FTX lawyers <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-seeks-4-billion-from-bankrupt-genesis\">filed a lawsuit against the bankrupt crypto-lending platform Genesis, seeking to recover<\/a> $4 billion.<\/p>\n<p>The company <a href=\"https:\/\/u1f987.com\/en\/news\/sbf-sued-over-250m-embed-purchase-on-the-eve-of-the-ftx-collapse\">filed a lawsuit<\/a> against SBF and other former executives of the bitcoin exchange over the overpriced Embed acquisition.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leadership of the collapsed FTX is seeking to recover about $71 million from the charitable and biomedical divisions of the company.<\/p>\n","protected":false},"author":1,"featured_media":81982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1236],"class_list":["post-81981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81981"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81981\/revisions"}],"predecessor-version":[{"id":81983,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81981\/revisions\/81983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81982"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}