FTX has filed 25 lawsuits targeting entities like SkyBridge Capital, Storybook Brawl developers, and Deltec Bank, aiming to reclaim millions invested by former CEO Sam Bankman-Fried in the months before the bankruptcy.
FTX, the cryptocurrency exchange that collapsed in 2022, has initiated a series of legal actions to reclaim funds as part of its bankruptcy proceedings. The FTX estate recently filed 25 lawsuits, targeting prominent figures and entities, including SkyBridge Capital founder Anthony Scaramucci, the development team behind the video game Storybook Brawl, Deltec Bank Chairman Jean Chalopin, and an individual allegedly responsible for exploiting the FTX platform. These suits seek to recover funds and investments made by former FTX CEO Sam Bankman-Fried before the company’s collapse.
In one of the most prominent lawsuits, FTX aims to recover over $100 million from Anthony Scaramucci and his investment firm, SkyBridge Capital. FTX’s attorneys claim that Bankman-Fried made several high-value investments in Scaramucci’s ventures, including a $12 million sponsorship of the SALT conference and $55 million in SkyBridge funds. Additionally, in September 2022, FTX acquired a 30% stake in SkyBridge's investment vehicles for $45 million, an investment that FTX attorneys argue "made no economic sense." They claim that FTX could have directly acquired the digital assets instead of investing through a third-party manager.
SkyBridge allegedly breached contract terms by selling portions of Bitcoin and Solana acquired through the partnership without FTX’s approval. These assets are now valued at $120 million. FTX’s lawsuit seeks to disallow a $45 million bankruptcy claim by SkyBridge, asserting it covers funds already received through FTX’s prior investments.
FTX is also pursuing legal action against Nawaaz Mohammad Meerun, an individual it claims is responsible for multiple exploits on the platform, including price manipulations of illiquid tokens. The lawsuit alleges that Meerun, who used aliases such as “Humpy the Whale,” profited by hundreds of millions of dollars from these manipulations and exploited vulnerabilities in the FTX system. Despite these alleged gains, Meerun filed a $13 million bankruptcy claim, which FTX’s attorneys argue is unjustifiable.
The suit also links Meerun to various criminal activities, including money laundering and organized crime, claiming his history includes connections with networks engaged in illicit activities. FTX seeks to recover millions allegedly transferred during the preference period before its bankruptcy filing.
The FTX estate has also filed a lawsuit against Good Luck Games (GLG), the developers of the game Storybook Brawl, which FTX invested $25 million in during 2022. The lawsuit states that despite receiving substantial funding, the game never advanced beyond beta testing and ceased development in early 2023. FTX attorneys allege that these funds were misused on salaries and bonuses rather than actual game development, seeking to recoup the investment and additional funds paid to GLG.
The FTX estate has named Jean Chalopin, chairman of Deltec Bank, in a lawsuit seeking to reclaim $11.5 million invested by FTX into a holding company affiliated with Chalopin. The funds were used to acquire a 10% stake in Farmington State Bank, which was later rebranded as Moonstone Bank. According to the lawsuit, Moonstone allegedly violated regulatory standards, leading to the bank’s winding down under Federal Reserve oversight. The lawsuit aims to recover FTX’s investment, citing it as a devalued asset.
FTX’s aggressive approach to recovering funds marks a significant step in the ongoing efforts to repay creditors affected by the exchange’s collapse. With more than $8 billion in customer losses tied to the bankruptcy, the FTX estate is seeking to maximize fund recovery by pursuing lawsuits against parties that received investments or allegedly exploited the platform.
