Bankrupt cryptocurrency exchange FTX is investigating whether it can recover millions of dollars paid to famous athletes and sports teams who promoted the exchange before it filed for bankruptcy last November.
In a court of more than 180 pages of August 31 presentationFTX financial advisors presented a detailed list of high-profile figures and companies it paid in its marketing efforts to see if they are under rules that allow bankrupt companies to reverse payments.
The list includes $750,000 awarded to former basketball pro Shaquille O'Neal, more than $300,000 to tennis pro Naomi Osaka, more than $270,000 to former baseball star David Ortiz and more than $200,000 to quarterback American football Trevor Lawrence.
Also included are nearly $420,000 awarded to the Golden State Warriors professional basketball team and more than $250,000 in various payments to the Miami Heat.
However, the filing warned that the final amount FTX may recover from the efforts "may vary materially from the reported amount."
Related: Apple Gets Booking Rights to Sam Bankman-Fried for $5 Million: Report
Many of the celebrities named in FTX's recent filing have faced class-action lawsuits from FTX users seeking damages.
O'Neal, Osaka and the warriors of the golden state have been sued by groups of FTX clients for allegedly promoting the exchange, which they claim sold unregistered securities.
The exchange has launched a series of lawsuits to try to recover funds, most recently on September 9 against cross-chain protocol LayerZero Labs. in an attempt to recover $21 million that FTX alleged was illegally withdrawn before the exchange's bankruptcy in November last year.
In July demanded co-founder Sam Bankman-Frito and other former top executives to try to recover more than $1 billion in funds they allegedly embezzled.
Magazine: How to Protect Your Crypto in a Volatile Market: Bitcoin Experts and OGs Weigh In
Post navigation
Previous Post
CCIB nabs five in 2.7 billion baht cryptocurrency scam
