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👀 FTX sues Sam Bankman-Fried’s parents
To claw back 'misappropriated' funds
Hey Waivly Crew! 🌊 FTX has sued founder Sam Bankman-Fried's parents for allegedly misappropriating millions. Agility Robotics is opening a new factory to produce more than 10,000 humanoid robots a year.
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FTX Bankruptcy Estate sues Sam Bankman-Fried’s parents
Bankrupt crypto exchange FTX has sued founder Sam Bankman-Fried's parents, Joseph Bankman and Barbara Fried, to recover millions of dollars in “fraudulently transferred and misappropriated funds."
A Monday court filing showed that debtors of FTX and its affiliated entity, Alameda Research filed a complaint to recover damages attributed to breaches of fiduciary duties and other alleged misconduct.
“As Bankman-Fried’s parents, Bankman and Fried exploited their access and influence within the FTX enterprise to enrich themselves, directly and indirectly, by millions of dollars, and knowingly at the expense of the debtors in these Chapter 11 Cases and their creditors,” the filing said.
The filing noted that despite presenting itself to the public as a sophisticated group of crypto exchanges and businesses, the FTX Group was a self-described “family business," adding: “And together, Bankman and Fried siphoned millions of dollars out of the FTX Group for their own personal benefit and their chosen pet causes."
In February 2022, Bankman and Fried, both Stanford Law School professors, purchased a $16.4 million property in The Bahamas, referred to as “Blue Water” or “Old Fort Bay.”
The filing revealed that the total cash payment for this acquisition amounted to $18.9 million, including taxes and fees, with all funds sourced from the debtors, and none contributed by Bankman or Fried personally.
Additionally, the couple allegedly pushed for tens of millions of dollars in political and charitable contributions, including to Stanford University, “which were seemingly designed to boost Bankman’s and Fried’s professional and social status at the expense of the FTX Group,” the filing said.
Agility Robotics is opening a humanoid robot factory
Agility Robotics, the creator of the bipedal robot Digit, is opening a manufacturing plant in Salem, Oregon, that will allow the company to produce more than 10,000 humanoid robots a year.
The 70,000-square-foot factory, named “RoboFab,” is set to open later this year and will employ more than 500 workers in Salem.
Agility Robotics says its facility will also employ its own Digits, the iconic humanoid robot, in the new factory. The Digits will help move, load, and unload warehouse goods.
“The opening of our factory marks a pivotal moment in the history of robotics: the beginning of the mass production of commercial humanoid robots,” Agility Robotics’ co-founder and CEO Damion Shelton said in a press release.
“We built Digit to solve difficult problems in today’s workforce like injuries, burnout, high turnover, and unfillable labor gaps, with the ultimate vision of enabling humans to be more human. When you’re building new technology to make society better, the most important milestone is when you’re able to mass produce that technology at a scale where it can have a real, widespread impact.”
Agility’s first customers can expect to get their hands on Digits produced in the factory by 2024. Orders will be opened to the general public the following year.
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Blockchain Capital raises $580M for two new funds
Blockchain Capital, a San Francisco-based venture capital firm, has raised $580 million for two new cryptocurrency investment funds.
The funding is split between $380 million for its sixth early-stage fund, which will focus on companies in pre-seed and Series A rounds, and $200 million for its opportunities fund, which will target late-stage investments from Series B onward.
According to a press release, the company will continue its trend of investing in infrastructure, DeFi, gaming, and other finance, blockchain, and crypto opportunities.
However, the press release noted that Blockchain Capital’s strategy “isn’t about sectors; it’s about harnessing blockchain technology to realign incentives, re-establish user trust, and reengineer the social contract of our increasingly digital world.”
The latest funds are among the largest in crypto and blockchain history, marking a significant milestone for the 10-year-old firm. But this shouldn’t be interpreted as a sign that Blockchain Capital plans to continually increase fund sizes.
Speaking to TechCrunch, one of the firm’s partners, Spencer Bogart, said that the firm had “no intent to expand and become an AI fund or hedge fund and trade tokens,” adding that he didn’t see future funds “becoming much larger than what you see here.”
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