FTX and its affiliated hedge fund firm Alameda Research
are planning to recover USD71 million spent by the bankrupt cryptocurrency
exchange on philanthropy. The lawyers representing the companies also plan to
recover funds from FTX Foundation.
Filed before a US
bankruptcy court in Delaware, FTX’s lawyers have accused several life sciences
companies, including Lumen Bioscience Inc., Greenlight Biosciences Holdings, and Platform
Life Sciences Inc., of allegedly receiving funds from the collapsed exchange.
The attorneys added that
although the funds were purported to promote effective altruism, a philosophy
supporting the transfer of resources from wealthy people to the poor, FTX made
the donations so that Sam Bankman-Fried, the exchange’s former CEO, could gain
political influence and goodwill. The donations were made in collaboration with
Latona Biosciences Group, a purported non-profit organization based in the
Bahamas, the filing noted.
“Together, the FTX
Foundation and Latona took more than USD71 million of the commingled funds from
Alameda and FTX accounts to make investments and donations to life sciences
companies for Bankman-Fried’s personal aggrandizement,” the filed document
stated.
In a separate document submitted to the…
