FTX Sues for the Return of Millions of Dollars Given to Sam Bankman-Fried’s Family

FTX has filed a lawsuit to recover millions of dollars given to Sam Bankman-Fried’s family, Joseph Bankman and Barbara Fried.

FTX has filed a lawsuit with the aim of recovering “improperly obtained funds” from Sam Bankman-Fried’s parents, Joseph Bankman and Barbara Fried. The court filing indicates that FTX is seeking the return of any property or payments made to the parents in the past and is also demanding compensation for punitive damages resulting from “conscious, intentional, unethical, and malicious behavior.”

One prominent example highlighted in the filing states that “FTX Trading paid $18,914,327.82 for taxes, fees, and expenses related to Blue Water, including over $90,000 in various expenses.”

$10 Million Cash Transfer

Additionally, the court application alleges that Sam Bankman-Fried facilitated a total of $10 million in cash gift transfers from Alameda Ltd. funds, thanks to his expertise in tax law and understanding of the complex corporate structure of the FTX Group.

Furthermore, the filing includes the claim, made at Barbara Fried’s request, that “tens of millions of dollars” were contributed to MTG or MTG-supported purposes.

Millions of Dollars in Payments to Sam Bankman-Fried

It is also noted that Sam Bankman-Fried received an annual salary of $200,000 from his senior advisory role at the FTX Foundation, received over $18 million for his property in the Bahamas, and received $5.5 million from donations made by the FTX Group to Stanford University.

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