⚠️ FTX_Official attempts to clawback $700 million allegedly spent after a networking party! What did SBF_FTX invest in? Read more here -
against several hedge funds, including SGN Albany Capital, K5 Global, and Mount Olympus Capital. Entities affiliated with these hedge funds are also named in the document, as well as K5 executives Bryan Baum and Michael Kives.
According to the lawsuit, Sam Bankman-Fried had gone to one of many networking events hosted by the pair of C-suite hotshots. Following this event, SBF invested about $700 million into the funds administered by the defendants. Although this may seem a cursory amount, considering the amounts the FTX Group regularly invested into various ventures, these were allegedly void of any real meaning.“Bankman-Fried, Kives and Baum signed a bare-bones term sheet providing that “Sam Bankman-Fried or a related entity” would give each of Kives and Baum $125 million personally and would invest billions of dollars in K5 Global and affiliated entities […].
Aside from charges of unjust enrichment brought against the hedge funds themselves, Kives and Baum have been charged with aiding and abetting breaches of fiduciary duty in “one of the biggest financial frauds in history.”Defendants are further accused of aiding and abetting SBF, dishonest assistance and unjust enrichment.
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