FTX, the crypto-currency trading firm run by Bankman-Fried, is now suing its former officers, Reuters reports.
The DOJ has focused its prosecution on Bankman-Fried. In exchange for a lenient sentence and a guilty plea, fellow FTX officers Ellison, Wang and Singh have agreed to cooperate with the government.
The suit brought by FTX’s new management seeks to recoup $1 billion from Bankman-Fried. This includes $725 million of equity “transferred without receiving any value in exchange,” and $546 million to purchase shares of Robinhood Markets, the popular stock purchasing app.
FTX is currently run by John Ray, an executive who specializes in rescuing failing corporations. He previously worked on clawing back assets for Enron following its 2001 accounting scandal.
The cryptocurrency has been under intense government scrutiny. Binance and Coinbase, two major cryptocurrency exchanges are also under Federal investigation.
