Ross Rheingans-Yoo Seeks Remaining $275,000 in Alleged Bonus from FTX
Ross Rheingans-Yoo, an employee of FTX’s charity wing, is pursuing the outstanding $275,000 of his purported 2022 salary bonus. The legal document filed on Nov. 13 by Rheingans-Yoo’s attorneys claims that FTX only paid out $375,000 of his entitled $650,000 bonus and that the remaining amount was still owed when the cryptocurrency exchange went bankrupt in November 2022. This latest legal action is in response to FTX’s objection filed on Oct. 30.
Rheingans-Yoo shared documents outlining his employment terms at the FTX Foundation, which included a base salary of $100,000. He maintains that he was not part of Bankman-Fried’s inner circle and was unaware of any misappropriation of customer funds at FTX.
FTX’s Response and Legal Action
FTX argues that Rheingans-Yoo has already been fully compensated for his bonus and chose to receive part of the award through options in the firm’s corporate affiliates before the bankruptcy. The decision on Rheingans-Yoo’s bonus now rests with a Delaware bankruptcy judge overseeing FTX’s Chapter 11 proceedings. Additionally, FTX has taken legal action against Rheingans-Yoo’s Latona Biosciences Group, Bankman-Fried, and other defendants in a related case seeking the return of $71.6 million in investments and donations allegedly made to various life science companies.
Rheingans-Yoo’s Defense and New Crypto Platform
Rheingans-Yoo defends his work at Latona as aiming to produce positive results for society through careful analysis and due diligence of potential recipients. Meanwhile, former FTX executives, including Can Sun, have launched a new crypto platform called Backpack based in Dubai and operated by Trek Labs.
Hot Take: Unraveling the Legal Battle between Ross Rheingans-Yoo and FTX
The legal battle between Ross Rheingans-Yoo and FTX sheds light on the complexities surrounding bonuses and compensation within the cryptocurrency industry. It also underscores the emergence of new players like Backpack aiming to bring more security and transparency to crypto trading following significant industry upheavals.
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