A twist in the story surrounding the bankruptcy of US crypto exchange FTX.
According to an official document filed in a Delaware court the day before yesterday, the company’s lawyers have sued co-founder and former CEO Sam Bankman-Fried over the acquisition of stock clearing platform Embed.
SBF’s role in FTX
FTX was founded in 2019 by Sam Bankman-Fried and Gary Wang, and SBF has always been its CEO.
Since the company went into bankruptcy and filed for Chapter 11, SBF has had to step down and leave the company in the hands of the bankruptcy trustee, John J. Ray III.
As a result, SBF now has no power within the company it founded, although it is still effectively one of the largest shareholders.
The fact is that the former CEO is suspected of having a serious responsibility for the causes of the company’s bankruptcy, so it is not surprising that the new staff, who are managing the current delicate phase, are taking it out on him in particular.
The Embed case
The issue ra
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