TechFlow, Sept 24 — According to The Block, on September 23 local time, the FTX estate filed a lawsuit against bitcoin mining firm Genesis Digital Assets (GDA) at the Delaware bankruptcy court, alleging improper investments tied to former FTX CEO Sam Bankman-Fried. The lawsuit claims that before FTX's collapse, Bankman-Fried used commingled funds from sister company Alameda to invest $1.15 billion in GDA, with $550 million going directly to GDA's co-founders. The FTX estate pointed out that GDA suffers from inflated valuations, lack of audited financial statements, and faces operational risks in Kazakhstan—its primary operating location—including ongoing power outages and new tax policies. A spokesperson for GDA declined to comment on the matter.
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