Ross Rheingans-Yoo, an employee at FTX Foundation, is currently engaged in a legal dispute with Sam Bankman-Fried, co-founder of FTX. He is contending for a bonus of $275,000 that he alleges remains unpaid despite the company’s promise.
This dispute arises amidst FTX troubles, which led to the company’s bankruptcy in November 2022. Rheingans Yoo maintains that he had no knowledge of any activities within FTX and emphasizes his distance from Bankman Fried’s circle.
According to Rheingans Yoo’s team, he has only been given $375,000 out of the $650,000 bonus that was promised to him. They argue that the remaining amount should have been paid when FTX declared bankruptcy.
In addition to this bonus issue, Rheingans Yoo is also requesting $650,000 intended for charitable donations and seeking compensation for lost wages amounting to approximately $5,700 before the company’s bankruptcy filing and at least $62,800 in salary following the filing.
Supporting Rheingans Yoo’s argument is a Google Doc written by Bankman Fried, which outlines his employment terms at FTX Foundation, including a salary of $100,000. Aside from the bonus dispute, FTX filed a lawsuit against Rheingans Yoo’s company, Latona Biosciences Group, and others, seeking the return of $71.6 million in funds. FTX alleges that Rheingans Yoo and Bankman Fried misused these funds for gain instead of being utilized to benefit FTX or Alameda Research.
Rheingans Yoo stands by his work at Latona, asserting that his actions were solely intended to bring positive outcomes to society. His responsibilities encompassed evaluating potential beneficiaries, engaging in thoughtful discussions with their founders and executives, and conducting thorough assessments to ensure the funds were allocated effectively.
The final decision regarding Rheingans Yoo’s bonus now lies with a bankruptcy judge in Delaware who is overseeing FTX Chapter 11 bankruptcy proceedings. This case extends beyond a disagreement over bonuses; it provides insight into the financial activities within FTX and raises questions about business practices within the crypto industry.
