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An employee of FTX’s charity wing, Ross Rheingans-Yoo, is seeking payment of $275,000, the remaining amount of his claimed 2022 salary bonus. Rheingans-Yoo’s lawyers argue that only $375,000 of his $650,000 bonus was paid by FTX, with the remaining funds owed when the crypto exchange filed for bankruptcy in November 2022. FTX has objected to this claim. Rheingans-Yoo shared a document created by FTX co-founder Sam Bankman-Fried, outlining his employment terms at the FTX Foundation. He claims he was not aware of FTX misappropriating customer funds and asserts that he is entitled to further payments for charity donations and salary. FTX advisers argue that Rheingans-Yoo has already been fully paid his bonus through options in the firm’s corporate affiliates. However, Rheingans-Yoo denies this. The fate of Rheingans-Yoo’s bonus will be determined by a Delaware bankruptcy judge overseeing FTX’s Chapter 11 bankruptcy. FTX previously sued Rheingans-Yoo’s Latona Biosciences Group, Bankman-Fried, and others, seeking the return of $71.6 million in investments and donations. FTX alleges that Rheingans-Yoo and Bankman-Fried personally benefited from these transfers, while FTX and Alameda Research did not. Rheingans-Yoo claims that his work at Latona would have had positive societal impact.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography Global
Sentiment negative
Relevance Score 1
People Ross Rheingans-Yoo, Sam Bankman-Fried
Companies Latona Biosciences Group, FTX, FTX Foundation, Alameda Research
Currencies None
Securities None

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