FTX seeks to reverse payments made to Shaq, Naomi Osaka and Miami Heat
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Bankrupt crypto exchange FTX is probing if it can reclaim the millions of dollars paid to celebrity athletes and sports teams that promoted the exchange before it filed for bankruptcy last November.
In an over 180 page Aug. 31 court
Many of the celebrities named in FTX’s recent filing have faced class action lawsuits from FTX users seeking damages.
O’Neal, Osaka and the Golden State Warriors have been sued by groups of FTX customers over allegedly promoting the exchange — which they claim sold unregistered securities.
The exchange has launched a series of lawsuits to try recover funds with the most recent on Sep. 9 against cross-chain protocol LayerZero Labs in a bid to claw back $21 million that FTX alleged was illegally withdrawn prior to the exchange’s bankruptcy in November last year.
In July it sued co-founder Sam Bankman-Fried and other former top executives to try to recover more than $1 billion in funds they allegedly misappropriated.
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