% 0.83
BTC Dominance:
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
$ 68.526
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

FTX Sued Former Employees for $157 Million!

FTX Sued Employees for $157 Million!

The Bankrupt Cryptocurrency Exchange FTX sued former employees of Salameda for $157 million.

Late last night, FTX made a significant move by filing a lawsuit against the employees of Salameda, which FTX alleges is under the control of its former CEO, Sam Bankman-Fried, aiming to recover their funds. FTX sued former employees for a substantial $157 million.

The lawsuit asserts that individuals including Michael Burgess, Matthew Burgess, Lesley Burgess, Kevin Nguyen, and Darren Wong, who have accounts registered on and FTX US, exerted control over several companies and fraudulently withdrew assets on the days when FTX declared bankruptcy.

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According to the Court file, “As of August 31, 2023, it pointed out that these assets collectively held a value of approximately $157.3 million.”

The Court file states, “Defendant Michael Burgess orchestrated each of these transfers from one of the FTX US foreign exchange accounts to other exchanges, presenting them as if the account were under his ownership, with the intention of obstructing, delaying, or defrauding the current or future creditors of FTX US.”

It was determined that Burgess engaged in illicitly selling cryptocurrencies from numerous FTX accounts and transferring this money, which did not rightfully belong to him, to other exchanges. Furthermore, the investigation established that other defendant FTX managers unlawfully moved assets, not rightfully theirs, to other exchanges after FTX announced bankruptcy.

Authorities who researched the complaints they received realized this situation and sued the Salameda managers who committed such irregularities. In this lawsuit, the authorities said they were working to recover these stolen funds.

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