FTX has initiated legal proceedings aimed at recovering $21 million, which they allege was unlawfully withdrawn by LayerZero just before FTX's shutdown. Additionally, FTX is pursuing restitution amounts of approximately $13.07 million and $6.65 million from Ari Litan, the former Chief Operating Officer of LayerZero Labs, and its subsidiary, Skip & Goose. The allegations suggest that LayerZero utilized internal information to execute these fund withdrawals while FTX had not yet halted withdrawals.
In addition to the legal action, FTX is closely examining payments made to prominent celebrities and sports figures who endorsed the platform prior to its insolvency. Among the notable figures included in this review are Shaquille O’Neal, Naomi Osaka, and Stephen Curry. FTX's objective is to recuperate assets in the aftermath of the collapse of Sam Bankman-Fried’s cryptocurrency platform.
FTX, which held $3.4 billion worth of cryptocurrency in April, is reportedly planning to divest its assets. The exchange intends to sell as much as $200 million worth of cryptocurrency per week. While the official commencement date has not been confirmed, many sources are suggesting it will begin on September 13th.
