FTX Sues SBF & Co. Over $28.8M Bonus & "Survival Island" Claims: A Deep Dive
The bankrupt crypto exchange FTX continues its legal battles, this time targeting its former CEO Sam Bankman-Fried (SBF) and other executives. Multiple reports highlight the latest developments in the ongoing saga, including a lawsuit aiming to recover millions allegedly misappropriated through bonuses and questionable spending.
The $28.8 Million Bonus at the Heart of the Dispute
FTX Trading has reportedly filed a lawsuit against the former CEO of the exchange Sam Bankman-Fried (SBF), and some people from his inner cycle to recoup more than what is said to be $28.8 million. This action comes amidst broader efforts to recover assets and compensate creditors affected by the FTX collapse. The lawsuit centers around bonuses and other payments allegedly made to SBF and his inner circle in the lead-up to the exchange\'s downfall.
"Survival Island" Allegations & Misappropriated Funds
The lawsuit also sheds light on alleged misappropriation of funds related to the FTX Foundation, the nonprofit arm of the cryptocurrency exchange FTX. A recent lawsuit has been brought forward concerning allegations against the FTX Foundation. Specifically, allegations center around the foundation’s activities and how funds were utilized. 😲 Bankrupt Crypto Exchange FTX filed a proceeding on September 18 against its ex-CEO and founder SBF’s parents for misappropriating millions of dollars from the company, further complicating the legal landscape.
The Larger Context: FTX\'s Ongoing Legal Battles
This lawsuit is just one piece of the puzzle in FTX\'s complex bankruptcy proceedings. 21 de jul. de 2025FTX has taken legal action against its former CEO Sam Bankman-Fried and other key executives who were part of the now-bankrupt crypto exchange. The exchange aimed to, seemingly, recoup losses. 18 de may. de 2025Bankrupt crypto exchange FTX sued Sam Bankman-Fried (SBF) and other former executives of the company for the $250 million acquisition of stock clearing platform, indicating a wide-ranging effort to claw back funds spent under SBF\'s leadership.
Embed Acquisition Under Scrutiny
The lawsuit highlights past acquisitions and investments that have come under increased scrutiny since the FTX collapse. 19 de may. de 2025The new FTX admin tried to sell Embed but no investor was willing to pay for over $1 million for the fintech company, with only its co-founder Giles expressing interest to. This demonstrates the challenge of recovering value from these acquisitions and the broader fallout from the mismanagement alleged against SBF and his team.
Stay tuned for further updates as this legal battle unfolds and sheds more light on the inner workings of FTX and the events leading to its downfall.