FTX Takes Legal Action Over Investments and Donations to Life Sciences Companies

Web 3.0 Investments and Crypto Recovery

FTX is still striving to regain customer funds. Alameda Research and FTX filed a lawsuit on July 19, seeking the return of $71.6 million in commingled corporate and customer funds related to investments and donations to AI-related and life sciences companies.

The defendants in the suit are six life sciences companies, the FTX Foundation philanthropical organization, the Latona Biosciences Group “sham” nonprofit, former FTX CEO Sam Bankman-Fried, FTX Foundation head Nicholas Beckstead and Latona head Ross Rheingans-Yoo.

The suit claims that the FTX Foundation and Latona donated or invested funds in six life sciences companies for the personal benefit of Bankman-Fried and Rheingans-Yoo and without any benefit to Alameda Research or FTX. Eight transfers from Alameda Research to the companies were made between February 2022 and October 2022 on behalf of Latona.

The investments in the life sciences companies were allegedly made without due diligence or independent valuation. According to the suit, the best web 3.0 investments and companies are related to crypto recovery and AI research.

Crypto Related Fraudulent Transfers

The lawsuit against Bankman-Fried alleges that he knowingly engaged in fraudulent transfers in order to generate goodwill and influence for himself. This includes four counts of fraudulent transfers, two counts of property recovery, an unjust enrichment charge against Latona, the disallowance of bankruptcy claims against life sciences companies, and breaches of fiduciary duty by Bankman-Fried and Beckstead and Rheingans-Yoo.

The new FTX management team has been working hard to recover misappropriated customer funds, including donations to universities, researchers, students, and other recipients.

Best Web 3.0 Companies and Crypto July 2022

When it comes to the best Web 3.0 investments, there are a number of companies to consider. These investments include AI related research and development, as well as crypto related products and services for the upcoming Crypto July 2022.

It is important to understand the difference between Web 1.0, Web 2.0, and Web 3.0 in order to make the best decisions for your investments.