Axios Pro Rata: As FTX turns
Plus, the Feds attack DWAC. | Friday, June 30, 2023 Open in app View in browser Presented By Silicon Valley Bank Axios Pro Rata By Dan Primack · Jun 30, 2023 Top of the Morning Illustration: Brendan Lynch/Axios It's been nearly eight months since FTX collapsed , but the cleanup is far from over. Three major developments from the past week: 1. FTX sued K5 , a Miami-based venture capital firm co-founded by "super-connector" Michael Kives, alleging that it "aided and abetted" breaches of fiduciary duty. In short, Sam Bankman-Fried invested around $700 million into K5 and FTX wants its money back. That would include around $300 million that SFB invested for a 33% stake in K5 itself (i.e., the general partnership) and another $400 million for limited partner stakes in var...