The cryptocurrency company, now operating under the chief executive John J Ray III, an expert in helping companies recover after bankruptcy, claims Joseph Bankman and Barbara Fried received funds from their son's company in the form of gifts and donations to specific causes. The lawsuit is the company's first legal pursuit against Bankman-Fried's parents for their role in the company.
"As Bankman-Fried's parents, Bankman and Fried exploited their access and influence within the FTX enterprise to enrich themselves, directly and indirectly, by millions of dollars," the lawsuit said. "Despite presenting itself to investors and the public as a sophisticated group of cryptocurrency exchanges and businesses, the FTX Group was a self-described 'family business"."
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