Cryptocurrency exchange FTX has filed a lawsuit against investment firms K5 Global, Mount Olympus Capital, and SGN Albany Capital, as well as their affiliated entities and co-owners Michael Kives and Bryan Baum. The lawsuit seeks to recover over $700 million in allegedly avoidable transfers made from FTX-affiliated crypto trading firm Alameda Research to K5 Global and its owners after a social event hosted by Kives in 2022. FTX alleges that the transfers were constructed as coming from shell companies, SGN Albany and Mount Olympus Capital, and were carried out ‘without receiving equivalent value.’ The suit also accuses defendants of aiding and abetting breach of fiduciary duty and unjust enrichment. Defendants have not yet commented on the lawsuit.