Failed crypto firm FTX received court approval on Wednesday to issue subpoenas to its founder Sam Bankman-Fried and members of his family as part of the company’s investigation into “misappropriated and stolen” funds.
FTX, a once-prominent crypto exchange, filed for bankruptcy protection in November amid allegations that Bankman-Fried used FTX customers’ money to prop up the balance sheet of the FTX-affiliated hedge fund Alameda Research. FTX said that it needs more information from former insiders, including its indicted founder, to identify misspending that could be clawed back to repay FTX’s customers.
