TechFlow news — On December 29, according to CNBC, the U.S. Securities and Exchange Commission (SEC) revealed that FTX and SBF allegedly used customer funds through their subsidiaries to make two $100 million investments: a $100 million investment in fintech company Dave in March this year, and another $100 million investment in Web3 company Mysten Labs in September. While both Mysten Labs and Dave stated they are not associated with FTX's misconduct, they are currently the only two venture investment cases publicly named by the SEC. The regulator noted that if the FTX bankruptcy trustee confirms customer funds were used for these investments, those funds may be subject to recovery. As of now, Sullivan & Cromwell, the law firm representing FTX, has not responded to requests for comment, and Mysten Labs declined to comment on the matter. However, Dave CEO Jason Wilk disclosed that FTX’s investment was made via convertible notes rather than direct cash investment.
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