{"id":557744,"date":"2023-10-26T19:00:43","date_gmt":"2023-10-26T19:00:43","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=557744"},"modified":"2023-10-26T18:22:26","modified_gmt":"2023-10-26T18:22:26","slug":"ftx-ramps-up-restitution-efforts-subpoenas-ai-firm-cais-over-6-5m-investment","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/ftx-ftt-bankman\/ftx-ramps-up-restitution-efforts-subpoenas-ai-firm-cais-over-6-5m-investment\/","title":{"rendered":"FTX Ramps Up Restitution Efforts, Subpoenas AI Firm CAIS Over $6.5M Investment"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bankrupt crypto exchange FTX, led by newly appointed CEO John Ray III, has embarked on an intensive legal campaign to regain control and <\/span><a href=\"https:\/\/www.shenyangcang.com\/ftx\/ftx-fraud-missing-9-billion\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">recover assets<\/span><\/a><span style=\"font-weight: 400\"> in its pursuit of financial restitution.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As founder <\/span><a href=\"https:\/\/www.shenyangcang.com\/ftx\/blockfi-ceos-key-testimony-insights-into-alamedas-financial-stability-in-ftx-trial\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Sam Bankman-Fried<\/span><\/a><span style=\"font-weight: 400\"> awaits possible conviction and faces a staggering 114 years in prison if found guilty, FTX&#8217;s asset recovery plan continues under Ray&#8217;s leadership.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">FTX Bankruptcy Battle Escalates<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In a recent filing with the US Bankruptcy Court for the District of Delaware, FTX <\/span><a href=\"https:\/\/restructuring.ra.kroll.com\/FTX\/Home-DownloadPDF?id1=MjU4MTgyOQ==&amp;id2=-1\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">issued a subpoena<\/span><\/a><span style=\"font-weight: 400\"> to the artificial intelligence (AI) firm Center for AI Safety (CAIS), demanding accounting records and information regarding payments, agreements, and contracts related to the $6.5 million investment.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-price-surge-matrixport-forecasts-125000-price-target-by-december-2024\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Surge: Matrixport Forecasts $125,000 Price Target By December 2024<\/a><\/div>\n<p><span style=\"font-weight: 400\">The motion, filed on behalf of the debtors who sought <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/solana\/ftx-estate-stakes-122-million-solana-sol-quells-fear-of-token-sell-off\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">Chapter 11 bankruptcy <\/span><\/a><span style=\"font-weight: 400\">protection on November 11 and November 14, 2022, states that the Debtors are operating their businesses and managing their properties as debtors-in-possession under the Bankruptcy Code.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It also highlights the appointment of an Official Committee of Unsecured Creditors by the US Trustee. FTX&#8217;s investigations have revealed that CAIS received transfers totaling at least $6.5 million in debtors&#8217; funds between May and September 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As part of their ongoing efforts to understand the debtors&#8217; financial landscape, transactions, and estate, FTX has requested CAIS to produce relevant documents and information related to payments, agreements, communications, and other pertinent details.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Debtors Seek Answers<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to the motion filed on October 25, despite the debtors&#8217; attempts to engage in a cooperative dialogue and resolve the matter amicably, CAIS has rejected voluntary requests for accounting and<\/span><a href=\"https:\/\/www.shenyangcang.com\/sam-bankman-fried\/sam-bankman-fried-jury\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> failed to respond<\/span><\/a><span style=\"font-weight: 400\"> to formal correspondence. The filing reads:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">The Debtors have attempted to engage in a cooperative meet and confer process to obtain information from the CAIS voluntarily. The Debtors have so far been unsuccessful. On a phone call on August 22, 2023, counsel for CAIS expressed unwillingness to make its records related to the transfers available to the Debtors. In emails between October 2-6, 2023, Debtors requested information concerning the amount of Debtor funds CAIS has spent, the amount of Debtor funds it has retained, and its financial condition. CAIS declined to provide that information.\u00a0<\/span><\/p><\/blockquote>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-upcoming-leap-analyst-predicts-a-45500-rise\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s Upcoming Leap? Analyst Predicts A Potential $45,500 Rise By November<\/a><\/div>\n<p><span style=\"font-weight: 400\">The motion concludes by stating that notice of this action has been provided to relevant parties, including the US Trustee, the Committee&#8217;s counsel, the Securities and Exchange Commission, the Internal Revenue Service, the US Department of Justice, the US Attorney for the District of Delaware, and CAIS itself.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/hr88OgW2\/\" alt=\"FTX\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">FTX&#8217;s native token FTT is experiencing a correction after reaching a new 2023 high on the 4-hour chart. Source: FTTUSDT on TradingView.com<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">FTX&#8217;s <\/span><a href=\"https:\/\/www.shenyangcang.com\/ftx\/ftxs-ftt-price-skyrockets-20-heres-why-the-rally-has-just-begun\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">native token, FTT, <\/span><\/a><span style=\"font-weight: 400\">is trading at $1.22, marking a return to the $1 level for the first time since November 2022. Although it has experienced a decline of over 5% in the past 24 hours, the token has exhibited noteworthy gains over the past seven days, amounting to a 17% upward trend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The token&#8217;s value has diminished by more than 95% when considering the one-year timeframe.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankrupt crypto exchange FTX, led by newly appointed CEO John Ray III, has embarked on an intensive legal campaign to regain control and recover assets in its pursuit of financial restitution.\u00a0 As founder Sam Bankman-Fried awaits possible conviction and faces a staggering 114 years in prison if found guilty, FTX&#8217;s asset recovery plan continues under Ray&#8217;s leadership.\u00a0 FTX Bankruptcy Battle Escalates In a recent filing with the US Bankruptcy Court for the District of Delaware, FTX issued a subpoena to the artificial intelligence (AI) firm Center for AI Safety (CAIS), demanding accounting records and information regarding payments, agreements, and contracts related to the $6.5 million investment. Related Reading: Bitcoin Price Surge: Matrixport Forecasts $125,000 Price Target By December 2024 The motion, filed on behalf of the debtors who sought Chapter 11 bankruptcy protection on November 11 and November 14, 2022, states that the Debtors are operating their businesses and managing their properties as debtors-in-possession under the Bankruptcy Code.\u00a0 It also highlights the appointment of an Official Committee of Unsecured Creditors by the US Trustee. FTX&#8217;s investigations have revealed that CAIS received transfers totaling at least $6.5 million in debtors&#8217; funds between May and September 2022.\u00a0 As part of their ongoing efforts to understand the debtors&#8217; financial landscape, transactions, and estate, FTX has requested CAIS to produce relevant documents and information related to payments, agreements, communications, and other pertinent details. Debtors Seek Answers According to the motion filed on October 25, despite the debtors&#8217; attempts to engage in a cooperative dialogue and resolve the matter amicably, CAIS has rejected voluntary requests for accounting and failed to respond to formal correspondence. The filing reads:\u00a0 The Debtors have attempted to engage in a cooperative meet and confer process to obtain information from the CAIS voluntarily. The Debtors have so far been unsuccessful. On a phone call on August 22, 2023, counsel for CAIS expressed unwillingness to make its records related to the transfers available to the Debtors. In emails between October 2-6, 2023, Debtors requested information concerning the amount of Debtor funds CAIS has spent, the amount of Debtor funds it has retained, and its financial condition. CAIS declined to provide that information.\u00a0 Related Reading: Bitcoin\u2019s Upcoming Leap? Analyst Predicts A Potential $45,500 Rise By November The motion concludes by stating that notice of this action has been provided to relevant parties, including the US Trustee, the Committee&#8217;s counsel, the Securities and Exchange Commission, the Internal Revenue Service, the US Department of Justice, the US Attorney for the District of Delaware, and CAIS itself. FTX&#8217;s native token, FTT, is trading at $1.22, marking a return to the $1 level for the first time since November 2022. Although it has experienced a decline of over 5% in the past 24 hours, the token has exhibited noteworthy gains over the past seven days, amounting to a 17% upward trend.\u00a0 The token&#8217;s value has diminished by more than 95% when considering the one-year timeframe. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":557745,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[87361],"tags":[87394,88520,86846,85702,87576,86845,71704,86844,89123,87363,87577,87578,89648,88735,89272,83748,89273,89285],"class_list":["post-557744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ftx-ftt-bankman","tag-ftt","tag-ftt-bulls","tag-ftt-price","tag-ftt-token","tag-fttusd","tag-fttusdt","tag-ftx","tag-ftx-ftt","tag-ftx-bankruptcy","tag-ftx-collapse","tag-ftx-crash","tag-ftx-crypto-exchange","tag-ftx-estate","tag-ftx-lawsuit","tag-ftx-news","tag-sam-bankman-fried","tag-sam-bankman-fried-news","tag-sam-bankman-fried-trial"],"acf":[],"yoast_head":"\n<title>FTX Ramps Up Restitution Efforts, 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