FTX Sues Founder and Former Leaders, Seeking $323M Refund

FTX Sues Founder and Former Leaders for $323M Over Swiss Acquisition

The cryptocurrency company FTX is taking its own founder, Sam Bankman-Fried, and some other past leaders to court. FTX wants to get back the $323 million it spent buying a Swiss company that it later turned into FTX Europe. FTX says that these people tricked them into paying too much for the Swiss company. We're still waiting to hear what the people being sued have to say.

In other big cryptocurrency news, a judge in the US has said that when Ripple's XRP tokens are sold to regular people, they're not "securities." This is good news for Ripple Labs, which has been in a legal fight with the US Securities and Exchange Commission (SEC) about whether XRP is a security.

The judge said that XRP tokens are only securities when they're sold to big institutions, not to regular buyers. This decision could change how cryptocurrency is regulated in the future because it says there's a difference between selling crypto tokens to big institutions and selling them to regular people.

People in the industry and regulators have been watching the Ripple case closely because it could set a pattern for how cryptocurrencies are classified and regulated. This decision is seen as a win for Ripple and other cryptocurrency companies that have said their tokens aren't securities and shouldn't be regulated like traditional financial assets.

These two big legal events show how the cryptocurrency industry is changing and dealing with issues like regulation, openness, and how companies are run. 

Also, read - DeSantis Will Ban CBDC If He Elected As US President in 2024