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Stanford College plans to return tens of millions of {dollars} it acquired from the now-bankrupt crypto trade FTX and its affiliate corporations, in line with Bloomberg,
This choice comes amidst a lawsuit from FTX advisers in search of to reclaim funds owed to the trade’s prospects. The lawsuit alleges that Allan Joseph Bankman and Barbara Fried, mother and father of FTX co-founder and former CEO Sam Bankman-Fried, exploited their affect over FTX to immediately and not directly enrich themselves with tens of millions of {dollars}. Bankman and Fried are authorized students and longtime professors at Stanford Regulation College.
The lawsuit explicitly alleges that Stanford acquired items totaling roughly $5.5 million from FTX-related entities between Nov. 2021 and Could 2022. A college spokesperson informed Bloomberg, “Stanford acquired items from the FTX Basis and FTX-related corporations largely for pandemic-related prevention and analysis.”
Authorized representatives for Bankman and Fried firmly refute the allegations, branding them as “fully false.” Particularly, Sean Hecker, counsel for Joe Bankman, and Michael Tremonte, counsel for Barbara Fried, informed CryptoSlate that
“These claims are fully false. Mr. Ray and his large group of legal professionals, who’re collectively operating up numerous tens of millions of {dollars} in charges whereas returning comparatively little to FTX purchasers, know higher.”
Additional, they said that the swimsuit was “a harmful try to intimidate” SBF’s mother and father and “undermine the jury course of simply days earlier than their youngster’s trial begins.”
Stanford College’s transfer to return the donated funds talked about within the swimsuit represents an try to keep up moral requirements amidst the tumultuous panorama.
The publish Stanford to return tens of millions in FTX donations amid lawsuit alleging misuse by SBF’s mother and father appeared first on CryptoSlate.
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