Posted on 06/25/2023 1:35:48 PM PDT by Libloather
FTX is seeking to claw back some $700 million from a former aide to Hillary Clinton-turned Hollywood super agent who was allegedly showered with cash by disgraced fallen crypto mogul Sam Bankman-Fried.
The bankrupt cryptocurrency exchange took legal action on Thursday against Michael Kives, who was an assistant to then-Sen. Hillary Clinton (D-N.Y.), and his company, K5 Global, and firm co-founder Bryan Baum.
According to court papers filed in bankruptcy court in Delaware, Bankman-Fried authorized the transfer of $700 million to K5 entities in 2022, and he leaned on K5’s celebrity and business connections in his effort to obtain rescue financing in the days before FTX went bankrupt in November 2022.
As The Post reported in December, Kives - whose celebrity connections include Warren Buffett, Arnold Schwarzenegger, Katy Perry, and Kendall Jenner - stood to lose hundreds of millions of dollars as a result of K5 Global’s business relationship with FTX’s now-defunct investment arm, Alameda Research.
Bankman-Fried, who has been indicted on fraud and money laundering charges by the feds, described Kives as “probably, the most connected person I’ve ever met,” and “a one-stop shop” for political relationships and celebrity partnerships, according to the complaint.
The fallen crypto mogul was known to cultivate ties with the wealthy and powerful, including Bill and Hillary Clinton.
Bankman-Fried has pleaded not guilty. A trial is set to begin this fall.
(Excerpt) Read more at nypost.com ...
FTX said in a news release that it would privately contact the recipients of political donations made in its name, including from some of the company’s top-ranking officials, to get the millions donated to them returned. If the money isn’t returned, FTX said it would take the recipients to court to get the funds back.
“To the extent such payments are not returned voluntarily, the FTX Debtors reserve the right to commence actions before the Bankruptcy Court to require the return of such payments, with interest accruing from the date any action is commenced,” the company wrote in the release.
It also said that any charity or other third-party donations “in the amount of any payment received from an FTX contributor” doesn’t prevent the company from attempting to get the original donation returned.
This bankruptcy has long arms.
” FTX sues former Hillary Clinton aide over $700 million in ‘misappropriated funds
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How much of that 700mm do you think the hildabeast ended up with?
Will the bankruptcy judge be able to claw back any of the money that mitch & shumer ( and all the other pols) made off with? I
June 30th is the deadline for filing claims in Bankrupt Court.
After that the ball gets rolling.
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