- FTX, and ex-CEO Bankman-Fried are being sued by customers for dwindling assets.
- 1 million customers who invested in FTX are demanding their funds to be returned.
- The complainants contend that some assets that may be traced back to Alameda are not Alameda’s.
Customers of FTX sued the exchange and its former founder Sam Bankman-Fried in a class action. The crypto exchange failed to return the crypto on it, which belongs to the one million customers who invested, and now they are demanding its rightful return.
As reported by Reuters, this lawsuit will establish legal ownership over the assets locked up and depreciating in FTX. The plaintiffs contend that FTX misused consumer funds and concealed their origin.
The United States Bankruptcy Court in Delaware received the complaint. It demanded that FTX consumers be compensated first. The class action suit stated:
Customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda.
When doubts about the faltering exchang ...
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