Bitcoin Breaks $31K: Supreme Court Rules In Favor Of Coinbase
• FTX filed a complaint with the court to retrieve $700 million from Michael Kives and his co-owned company, K5 Global.
• Kives is a high-profile networker and SBF pursued the deal to leverage his network for political and social influence.
• John J. Ray III replaced SBF as FTX CEO in November 2022.
FTX Files Complaint to Retrieve $700M
FTX has filed a complaint with the court asking to retrieve $700 million from Michael Kives, a high–profile networker approached by Sam Bankman-Fried (SBF), and a company he co-owned, K5 Global.
Bankman-Fried Pursued Deal for Leverage
FTX described Bankman-Fried as a “profligate patron” of Kives and his co-founder Bryan Baum. The exchange alleged that SBF pursued the deal to leverage Kives’ high-value network to bolster his political and social influence.
John J. Ray III Replaces SBF as FTX CEO
In November 2022, Bankman Fried resigned as FTX CEO and was replaced by John J. Ray III .
K5 Global Co-Founders Relationship With SBF
Kives and Baum are co-founders of K5 Global, an investment and incubation firm. It is believed that they had close ties with SBF which allowed him access to their high value networks.
The legal battle between FTX, Bankman Fried, Kives, Baum & K5 Global continues as the court mulls over the case regarding the retrieval of $700 million from these parties involved in this dispute.