June 23 (Cointime) - The estate of Sam Bankman-Fried, founder of bankrupt exchange FTX, is seeking the return of millions of dollars that were paid to Michael Kives and Bryan Baum of K5 Global. Bankman-Fried had promised billions of dollars to the duo following a dinner party at Kives' residence, which led to a hasty financial relationship and the transfer of about $700 million to Baum and Kives, and related entities.

The payments were sent to shell companies controlled by the defendants, and Baum was even given a room in one of Bankman-Fried's luxury Bahamian apartments. Bankman-Fried saw Baum and Kives as a way to expand his influence among celebrities and political figures, and to provide FTX with contacts for the firm to work with on Democratic politics.