FTX Foundation staffer fights for $275K bonus promised by SBF

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An worker of FTX’s charity wing recruited by FTX co-founder Sam Bankman-Fried is making an attempt to receives a commission $275,000, the rest of his claimed 2022 wage bonus.

Ross Rheingans-Yoo’s legal professionals argued in a Nov. 13 court docket submitting that solely $375,000 of his $650,000 bonus was paid by FTX. They declare the remaining funds had been owed when the crypto exchange filed for bankruptcy in November 2022.

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Rheingans-Yoo’s newest submitting is available in response to FTX’s objection filed on Oct. 30.

Excerpt of Ross Rheingans-Yoo’s Nov. 13 response to FTX Debtor’s objection. Supply: Kroll

Rheingans-Yoo shared a part of a Google Doc created by Bankman-Fried that laid out his employment phrases on the FTX Basis, which got here with a $100,000 base wage. He claimed Bankman-Fried informed him in memo  

Rheingans-Yoo iterated he was not a part of Bankman-Fried’s “interior circle” and wasn’t conscious that FTX misappropriated buyer funds together with his legal professionals including:

“As a substitute, Rheingans-Yoo was a trustworthy worker who discovered himself in a multitude he didn’t create.”

Rheingans-Yoo claims he’s entitled to an extra $650,000 particularly to donate to charity, a prepetition wage cost of about $5,700 and a post-petition wage of not less than $62,800.

Advisers declare FTX has already totally paid Rheingans-Yoo his bonus as a result of he elected to have the award partially repaid through choices within the agency’s company associates earlier than it filed for chapter.

Nonetheless, Rheingans-Yoo denies that declare.

The destiny of Rheingans-Yoo’s bonus will likely be decided by a Delaware chapter choose who’s overseeing FTX’s Chapter 11 chapter.

Associated: FTX files billion-dollar lawsuit against Bybit over asset withdrawals

FTX sued Rheingans-Yoo’s Latona Biosciences Group, Bankman-Fried and several other different defendants in July to return $71.6 million in investments and donations allegedly despatched to varied life science corporations.

The crypto trade claims Rheingans-Yoo and Bankman-Fried personally benefited from the investments and donations however FTX and Alameda Analysis didn’t.

“Every of those transfers was made with the intent to hinder, delay, or defraud current or future collectors, a reality recognized by the FTX Basis, Latona, and Bankman-Fried.”

Rheingans-Yoo claims his work at Latona, which concerned analyzing potential recipients, talking with their founders and executives and conducting due diligence, would’ve produced “optimistic outcomes for society.”

Journal: Can you trust crypto exchanges after the collapse of FTX?