The FTX’s current leadership team is trying to legally reach all the family members of the FTX co-founder Sam Bankman-Fried (SBF).
Sam Bankman-Fried (SBF) is an infamous Crypto personality. Allegedly, SBF misused the FTX customer’s funds for personal benefits. On 19 Nov 2022, FTX exchange filed for bankruptcy under the chapter 11 code in New York. The current CEO of this exchange is Johan Ray III and he is trying his best to reach all the possible ways to collect the FTX customer’s funds.
Recently Bloomberg reported that FTX bankruptcy lawyers are seeking regulatory approval from the bankruptcy court to reach out to all the family members of the FTX former CEO SBF, to unearth all possible funds for the creditors of the exchange.
Allegedly, SBF’s wife received huge amounts of funds from the FTX exchange, which was unethical. And also SBF’s brother Gabriel engaged in political lobbying from a plush property in Washington D.C.
Reportedly, Joseph Bankman, SBF’s father & a law professor, advised many FTX customers to handle tax activities on the FTX exchange.
If FTX lawyers will secure regulatory approval from the bankruptcy court successfully then they will reach all the SBF’s close relatives also to check their financial situation & find out any relationship with FTX’ funds.
FTX exchange may not come back
According to the majority of the news reports, the FTX exchange may not come back alive because here it is not about its financial position, instead, a problem exists in the trust level.
Almost all the FTX customers don’t want any future relation with FTX or FTX related other services because they no longer trust this exchange.
Just a week ago, FTX’s current CEO Johan Ray said that initially he was trying to bring the services of the exchange live again but the majority of the advisors noted that it will not be easy for the customers to trust this exchange again.