Former FTX Executive Accused of Assisting Sam Bankman-Fried in Customer Funds Theft

By Lola Coin Jun 28, 202370Views

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Cryptocurrency exchange FTX Trading Ltd. is suing its former top compliance officer, Daniel Friedberg, alleging that he enabled the misuse of billions of dollars of customer funds by company founder Sam Bankman-Fried. The lawsuit claims that Friedberg facilitated the routing of profits to insiders through various means, such as personal loans, bonuses, and real estate purchases. FTX is filing this lawsuit as part of its efforts to recover funds to repay creditors and customers. The company’s new CEO, John Ray, and his advisers are working to recover wrongly transferred money. FTX has also filed other lawsuits related to the misuse of customer funds. Bankman-Fried, who is facing criminal charges related to FTX’s collapse, and Friedberg have not yet commented on the lawsuit. Despite the challenges FTX faces, including its bankruptcy proceedings and lawsuits, the company is seeking to relaunch its international exchange and regain market share.

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