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Bankrupt crypto exchange FTX is looking to claw back luxury property and “millions of dollars in fraudulently transferred and misappropriated funds” from the parents of Sam Bankman-Fried, the exchange’s disgraced ex-CEO and founder.

In a Monday court filing, lawyers representing the bankruptcy estate of the failed exchange alleged that Allan Joseph Bankman and his wife, Barbara Fried, “exploited their access and influence within the FTX enterprise to enrich themselves, directly and indirectly, by millions of dollars.”

The lawsuit, which was filed in a U.S. District Court in Delaware, goes on to claim that “despite knowing or blatantly ignoring that the FTX Group was insolvent or on the brink of insolvency,” Bankman and Fried discussed with their son the transfer of a $10 million cash gift and a $16.4 million luxury property in The Bahamas.

The suit alleges that as early as 2019, Sam’s father also directly participated in efforts to cover up a whistleblower complaint which threatened to “expose the FTX Group as a house of cards.” The filing also details emails written by Bankman in which he complained to the FTX US Head of Administration that his annual salary was $200,000, when he was “supposed to be getting $1M/yr.”

That grievance was ultimately elevated to his son in an email, according to the lawsuit: “Gee, Sam I don’t know what to say here. This is the first [I] have heard of the 200K a year salary! Putting Barbara on this.”

The filing characterizes the correspondence as Bankman lobbying his son to “massively increase his own salary.” Within two weeks, the suit claims that Bankman-Fried had collectively gifted his parents $10 million in funds coming from Alameda, and within three months, the couple was deeded the $16.4 million property in The Bahamas.

According to the partially-redacted filing, Bankman-Fried’s parents also “pushed for tens of millions of dollars in political and charitable contributions, including to Stanford University, which were seemingly designed to boost Bankman’s and Fried’s professional and social status.” Fried is also accused of encouraging her son and others within the company to avoid, if not violate, federal campaign finance disclosure rules by “engaging in straw donations or otherwise concealing the FTX Group as the source of the contributions.”

Bankman-Fried’s parents are legal scholars who taught at Stanford Law School. His mother is an expert on ethics, while his father specializes in taxes. Bankman-Fried himself independently faces multiple wire and securities fraud charges related to the alleged multibillion-dollar FTX fraud.

Federal prosecutors and regulators allege that Bankman-Fried was the driver of “one of the biggest financial frauds in American history,” in the words of U.S. Attorney Damian Williams. The Justice Department has charged the former FTX CEO with using billions of dollars in customer money to fund VC investments, buy property and make political donations. Bankman-Fried has pled not guilty to all charges, and his criminal trial kicks off on Oct. 3 in Manhattan.

Bankman and Fried “either knew — or ignored bright red flags revealing — that their son, Bankman-Fried, and other FTX Insiders were orchestrating a vast fraudulent scheme,” the lawsuit said.

FTX’s new leadership team has spent months trying to piece back together billions of dollars in missing assets belonging to the digital asset exchange.

The exchange’s lawsuit against Bankman-Fried’s parents asks for a mix of compensatory relief, including punitive damages resulting from Bankman and Fried’s “conscious, willful, wanton, and malicious conduct,” as well as the return of any property or payments made to the pair from FTX. If a judge rules in favor of the bankrupt exchange, it is unclear how the clawbacks might affect Bankman and Fried’s ability to pay for their son’s legal fees as he heads to trial next month.

Legal counsel for Bankman and Fried said in a written statement to CNBC that FTX’s Tuesday’s filing “is a dangerous attempt to intimidate Joe and Barbara and undermine the jury process just days before their child’s trial begins,” adding that “these claims are completely false.”

“Mr. Ray and his massive team of lawyers, who are collectively running up countless millions of dollars in fees while returning relatively little to FTX clients, know better,” continues the statement from Bankman and Fried’s attorneys.

Stanford University did not immediately respond to CNBC’s request for comment.

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400 kW DC fast charging On The Run arrives in Canada – and it’s FREE!

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400 kW DC fast charging On The Run arrives in Canada – and it's FREE!

British Columbia got its first 400 kW DC fast charger last week at Canadian C-store chain On The Run, but that’s not the good part. As part of a limited time offer, these chargers are FREE!

The Canadian convenience store chain just took the wraps off its new, ABB-developed, 400 kW chargers earlier this month, but they’re already planning to bring the ultra-fast 400 kW dispensers to at least four more locations in BC this spring, and have them online just in time for the summer road trip season – something On The Run hopes its customers will appreciate.

“The A400 charger delivers an enhanced customer experience, with reliability and performance from a 32-inch screen to higher power charging sessions and power sharing,” reads the company’s official announcement, via LinkedIn. “Download the Journie Rewards app to start the charge – free for a limited time.”

On The Run’s new 400 kW ABB DC fast chargers are compatible with CCS and CHAdeMO plugs, and can accommodate Tesla and other NACS-equipped vehicles with an adapter. That said, the company seems to imply that Tesla drivers in particular will have a maximum charging speed of “just” 50 kW, which feel hilarious (given the current state of affairs between Tesla and the Canadian government), but probably isn’t.

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In addition to the ABB A400 400 kW units shown here, On The Run locations also employ the ABB Terra 184 dispensers rated at 180 kW. On The Run plans similar deployments at the four BC locations mentioned above, as well as two more each in Quebec and Ontario slated to go live towards the end of this year.

Electrek’s Take

Tesla’s controversial CEO Elon Musk once mocked 350 kW charging speed as being “for a child’s toy,” despite the fact that, nearly nine years later, his own cars and Superchargers can barely make it to 325 kW while others have sailed right on past. I made fun of that fact on the Quick Charge episode shown, above – and, while I do think it’s funny and relevant, the much more relevant piece of news here is that companies like BP Pulse, Revel, and Wallbox are actively deploying 400 kW solutions, today (while others hit the same mark as far back as 2017).

It’s just a fact: Tesla has fallen way behind.

SOURCE | IMAGES: On The Run, via Electric Autonomy.

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Terawatt opens its first electric charging truck stop in California

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Terawatt opens its first electric charging truck stop in California

Terawatt Infrastructure‘s first medium- and heavy-duty electric charging truck stop in California is now online, in Rancho Dominguez.

Located 12 miles north of the ports of Long Beach and Los Angeles, the private Rancho Dominguez site, which is shared among multiple fleets, will support electric trucking fleet operations in and out of the largest container ports in the US.

First customers include Dreaded Trucking, Hight Logistics, PepsiCo, Quick Container Drayage, Southern Counties Express, Tradelink Transport, and WestCoast Trucking & Warehousing.

Terawatt’s electric charging truck stop features 20 pull-through and bobtail DC fast charging stalls with a capacity of 7 megawatts (MW), enabling charging for up to 125 trucks per day using a simple reservations system. Terawatt’s site features a proprietary charge management system, in-house technicians, 24/7 customer service, and onsite parts management.

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“This launch underscores growing collaboration between enterprises, shippers, carriers, and charging infrastructure providers to advance sustainable technologies across logistics and transportation operations, especially in the medium and heavy-duty sectors,” said Neha Palmer, CEO and cofounder of Terawatt. Palmer added that the company will bring another charging site online in Rialto, California, in June.

Terawatt joined some of the world’s largest shippers and carriers in September 2024 to launch the I-10 Consortium heavy-duty EV operations pilot, the “first-ever US over-the-road electrified corridor.” Terawatt is providing charging infrastructure, including software, operations, and maintenance support at six of its owned charging hubs along the I-10 corridor.


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Trump admin halts $5 billion NY offshore wind project mid-build

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Trump admin halts  billion NY offshore wind project mid-build

In its most aggressive attack against offshore wind yet, the Trump administration halted the $5 billion Empire Wind 1, already under construction off New York’s coast.

Norwegian developer Equinor announced yesterday that it received notice from the Bureau of Ocean Energy Management (BOEM) ordering Empire Wind 1 to halt all activities on the outer continental shelf until BOEM has completed its review. Interior Secretary Doug Burgum posted this tweet yesterday:

Burgum gave no indication of what insufficiencies there were in the approval process for the fully permitted offshore wind project, despite Trump’s recent declaration of a national energy emergency that speeds up permitting processes.

The commercial lease for the 810-megawatt (MW) Empire Wind 1’s federal offshore wind area was signed in March 2017 during the first Trump administration. It was approved by the Biden administration in November 2023 and began construction in 2024.

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The project is being developed under contract with the New York State Energy Research and Development Authority (NYSERDA). Empire Wind 1, which was due to come online in 2027, has the potential to power 500,000 New York homes.

“Halting construction of fully permitted energy projects is the literal opposite of an energy abundance agenda,” said American Clean Power Association CEO Jason Grumet in a statement. “We encourage the administration to quickly address perceived inadequacies in the prior permit approvals so that this project can complete construction and bring much-needed power to the grid.”

As Electrek reported, Equinor secured $3 billion to finance Empire Wind 1 in January. The total amount drawn under the project finance term loan facility as of March 31 was around $1.5 billion. 

As of March 31, Empire Wind has a gross book value of around $2.5 billion, including South Brooklyn Marine Terminal (pictured above), which was expected to become the US’s largest dedicated port facility for offshore wind.

In response to BOEM’s stop work order, New York Governor Kathy Hochul issued the following statement:

Every single day, I’m working to make energy more affordable, reliable and abundant in New York and the federal government should be supporting those efforts rather than undermining them. Empire Wind 1 is already employing hundreds of New Yorkers, including 1,000 good-paying union jobs as part of a growing sector that has already spurred significant economic development and private investment throughout the state and beyond.

As Governor, I will not allow this federal overreach to stand. I will fight this every step of the way to protect union jobs, affordable energy and New York’s economic future.

Equinor says it’s considering appealing BOEM’s order.


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