FTX sues Sam Bankman-Fried’s parents, claiming they received millions in gifts

Lawsuit is the company’s first legal pursuit against Bankman-Fried’s parents for their role in the company

FTX is suing the parents of Sam Bankman-Fried, two longtime Stanford Law School professors, alleging that the couple inappropriately used company funds to enrich themselves through gifts and donations.

The cryptocurrency company, now operating under CEO John Jay 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.