FTX Reaches Settlement With K5 Global, Will Keep Stake in Venture Funds -- WSJ

Dow Jones

2025/02/01

By Berber Jin

FTX said on Friday that it had reached a settlement with the venture firm K5 Global, ending its efforts to claw back cash from one of Sam Bankman-Fried's largest tech investments before his crypto exchange went bankrupt in late 2022.

FTX sued K5 Global in June 2023, seeking to recover $700 million of company funds Bankman-Fried invested into the venture firm. The lawsuit was part of a broader effort to unwind certain transactions the company made before going bankrupt. Now, FTX intends to keep its stake in K5's funds.

"It is clear that K5 is a bright spot in the FTX portfolio, and the expected strong performance of their investments will be a key driver in the recovery efforts for our stakeholders," said FTX CEO John J. Ray III, who is leading efforts to reclaim funds for the exchange's customers.

In October, FTX won court approval to begin repaying customers and has said it intends to make them whole. The company's recovery efforts have benefitted from a rise in crypto prices and the sale of assets such as a stake in the AI company Anthropic.

K5 was co-founded by Bryan Baum and Michael Kives, a former Hollywood agent and aide to the Clinton administration. The firm has invested in startups including SpaceX, Anduril, and xAI.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

January 31, 2025 16:04 ET (21:04 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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The lawsuit was part of a broader effort to unwind certain transactions the company made before going bankrupt. Now, FTX intends to keep its stake in K5's funds. \n</p>\n<p>\n     \"It is clear that K5 is a bright spot in the FTX portfolio, and the expected strong performance of their investments will be a key driver in the recovery efforts for our stakeholders,\" said FTX CEO John J. Ray III, who is leading efforts to reclaim funds for the exchange's customers. \n</p>\n<p>\n     In October, FTX won court approval to begin repaying customers and has said it intends to make them whole. The company's recovery efforts have benefitted from a rise in crypto prices and the sale of assets such as a stake in the AI company Anthropic. \n</p>\n<p>\n     K5 was co-founded by Bryan Baum and Michael Kives, a former Hollywood agent and aide to the Clinton administration. The firm has invested in startups including SpaceX, Anduril, and xAI. \n</p>\n<p>\n       This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 31, 2025 16:04 ET (21:04 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"03650","symbol_name":"KEEP","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2508499720","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2508499720","pubTimestamp":1738357440,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"FTX said on Friday that it had reached a settlement with the venture firm K5 Global, ending its efforts to claw back cash from one of Sam Bankman-Fried's largest tech investments before his crypto exchange went bankrupt in late 2022.FTX sued K5 Global in June 2023, seeking to recover $700 million of company funds Bankman-Fried invested into the venture firm. 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The company's recovery efforts have benefitted from a rise in crypto prices and the sal","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"03650":"KEEP","BK1215":"特殊消费者服务"},"translate_title":"FTX与K5 Global达成和解，将保留风险基金股份——华尔街日报","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03650":1},"content_text":"By Berber Jin \n\n\n     FTX said on Friday that it had reached a settlement with the venture firm K5 Global, ending its efforts to claw back cash from one of Sam Bankman-Fried's largest tech investments before his crypto exchange went bankrupt in late 2022. \n\n\n     FTX sued K5 Global in June 2023, seeking to recover $700 million of company funds Bankman-Fried invested into the venture firm. The lawsuit was part of a broader effort to unwind certain transactions the company made before going bankrupt. 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