The FTX Recovery Trust has sued Bitcoin miner Genesis Digital Assets for $1.15B, alleging Sam Bankman-Fried funneled misappropriated FTX customer deposits to the firm and its founders. The case is part of efforts to claw back funds after FTX’s 2022 collapse.

"Alameda received much less than a reasonably equivalent value for its $1.15 billion investment, the trust said." "Genesis Digital’s large increase in valuation from $3.25 billion in July 2021 to between $8.3 billion to $12.2 billion in November 2021 was described by one of its own board members as “insane and off-market,” the complaint said."

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• FTX Recovery Trust Sues Genesis Digital Assets, Seeks $1.15B ... (news.bitcoin.com)
• FTX Trust Files $1.15 Billion Suit Against Genesis Digital (bitcoinmagazine.com)
• FTX sues crypto miner Genesis Digital Assets for $1.15B (bankingdive.com)

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