- Last year, FTX unveiled a repayment plan to round up its Chapter 11 proceedings.
- Makhat’s $500M is one of the investments FTX is trying to recover to settle customers’ claims.
- Rashad Makhat continues to hold the over $500M in investment received from Sam Bankman-Fried’s hedge fund.
Rashad Makhat, a Kazakhstan-based businessman and former jujitsu platform, continues to hold $500 million in investments received from the Sam Bankman-Fried-led FTX and sister company Alameda Research, a WSJ report details.
According to that report, Makhat sold his shares in the bitcoin-mining enterprise, worth Genesis Digital Assets, to Bankman-Fried. The deal was finalized just months before FTX collapsed in late 2021.
Since its Chapter 11 proceedings began, the new administration of the crypto exchange has tried to recover funds spent by SBF in what they refer to as a “spending spree.” That includes money spent on company acquisitions, assets purchased, and money received by SBF parents.
WSJ report indicates that Makhat’s lawyers in London confirmed the founder remains in possession of the proceeds. During the Sam Bankman-Fried trial, the deal with Makh…
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