FTX Lawyers Allege Sam Bankman-Fried Used $10 Million in Misappropriated Funds for Criminal Defense

Lawyers representing bankrupt crypto exchange FTX have sued its co-founder, Sam Bankman-Fried, accusing him and former executives of stealing hundreds of millions of dollars. The lawsuit alleges that Bankman-Fried misappropriated funds by gifting $10 million to his father, which is now being used to pay for his criminal defense. Bankman-Fried, who was indicted on fraud and bribery charges, pleaded not guilty, and his trial is expected to begin later this year. FTX lawyers are seeking to recover funds from Bankman-Fried and other defendants to repay creditors.