Sep 11

FTX probes if millions payed out to stars is be reversed

FTX Group is looking into the possibility of reclaiming millions of dollars paid to celebrities and sports teams who promoted its crypto platform before it collapsed. The Guardian reports that financial advisors hired by FTX are exploring if these payments can be recovered in Chapter 11 proceedings. The crypto platform had paid around $4.9 million to at least $12.2 million to the Formula 1 racing team Mercedes-AMG Petronas before its collapse last November.