Ex-FTX Basis worker pursues unpaid $275k bonus
Ross Rheingans-Yoo, an FTX charity wing worker recruited by co-founder Sam Bankman-Fried, is in search of the remaining $275,000 of his alleged 2022 wage bonus.
The attorneys for Ross Rheingans-Yoo said in a authorized doc filed on Nov. 13 that FTX had solely disbursed $375,000 of his entitled $650,000 bonus. They argue that the remaining quantity was nonetheless owed when the cryptocurrency change went bankrupt in November 2022.
This newest authorized transfer is a response to FTX’s objection filed on Oct. 30.
Paperwork shared by Rheingans-Yoo, together with a Google Doc from FTX co-founder Sam Bankman-Fried, outlined his employment phrases on the FTX Basis, with a base wage of $100,000.
Rheingans-Yoo maintains that he was not a part of Bankman-Fried’s shut circle and was unaware of any misappropriation of buyer funds at FTX.
His authorized crew said, “Rheingans-Yoo was a devoted worker who discovered himself in a large number he didn’t create.”
Past the bonus, Rheingans-Yoo additionally claims entitlement to a further $650,000 for charitable donations, a prepetition wage cost of roughly $5,700, and a post-petition wage of no less than $62,800.
FTX, nonetheless, maintains that Rheingans-Yoo has already been absolutely compensated for his bonus, noting that he selected to obtain a part of the award by way of choices within the agency’s company associates earlier than the chapter. Rheingans-Yoo disputes this declare.
The choice on Rheingans-Yoo’s bonus now rests with a Delaware chapter decide overseeing FTX’s Chapter 11 proceedings.
FTX has taken authorized motion towards Rheingans-Yoo’s Latona Biosciences Group, Bankman-Fried, and several other different defendants in a associated case.
The lawsuit, filed in July, seeks the return of $71.6 million in investments and donations allegedly made to numerous life science corporations.
FTX alleges these transactions had been to the non-public advantage of Rheingans-Yoo and Bankman-Fried with none return for FTX and Alameda Analysis.
Rheingans-Yoo defends his work at Latona, asserting it was aimed toward producing “constructive outcomes for society” by way of cautious evaluation and due diligence of potential recipients.
In the meantime, in a separate improvement, former FTX executives, together with Can Solar, the previous common counsel and a key witness towards Bankman-Fried, have launched a brand new crypto platform named Backpack.
Based mostly in Dubai and operated by Trek Labs, Backpack goals to supply a safer and clear buying and selling mannequin, drawing classes from FTX’s collapse.
