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- 1 Stanford University revealed that it will return all the gifts given by FTX and associate companies.
- 2 The FTX attorney claims that Sam Bankman’s parents knew that he was mishandling FTX’s funds: report.
- 3 FTX claims that Sam’s parents were living in a luxury property in Bahamas which was purchased via company funds.
Stanford University announced that it will return all gifts received from bankrupt cryptocurrency exchange FTX and all other entities related to the FTX foundation.
While talking to Bloomberg in an email conversation, a Stanford University spokesperson mentioned, “We have been in discussions with attorneys for the FTX debtors to recover these gifts, and we will be returning the funds in their entirety.”
FTX attorney highlighted that Stanford University has received around $5.5 Million in gifts from the erstwhile second biggest cryptocurrency exchange in the world.
It is believed that all the gifts given by FTX and associated companies were given during the pandemic.
The new administration of FTX is trying hard to recover the funds that were lost under the leadership of Sam Bankman Fried.
Were Sam Parents Aware About ‘Mishandling’ of Funds?
A document submitted by FTX claims that Sam’s parents lived in a luxury property in the Bahamas, which the company’s funds purchased. The estimated price of the claimed property is around $19 Million.
The attorney of Sam’s parents claimed that allegations against Joseph Bankman and Janet Fried are ‘completely false.’ The lawsuit against his parents was filed a week ago, aiming to recover Millions in “ fraudulently transferred and misappropriated funds.”
FTX gave the gifted Stanford University after FTX sued the parents of Sam Bankman Fried for being involved in misusing the funds for their own benefit.
The lawsuit claims that both Sam’s mother and father, who worked as professors for the law department at Stanford University, were aware that their son was misusing the company’s and consumers’ funds.
Who is John J. Ray?
The new Chief Executive Officer of FTX, John J. Ray’s legal career spans three decades. After the resignation of Sam Bankman Fried, he took over the cryptocurrency exchange.
Ray is trying to recover money for creditors. He said that the image formed by the FTX group to portray as the customer-focused leader of the digital age was just fake.
Ray is known for his experience in restructuring bankrupt companies. He was born and raised in Pittsfield, Massachusetts.
John completed his graduation from the University of Massachusetts in 1980, where he pursued political science. He also served as an intern in the office of Democratic Senator Ted Kennedy.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
