FTX lawsuit accuses Sam Bankman-Fried's parents of siphoning millions

• The couple, who are both Stanford law professors, deny the allegations.

What they're saying: "As Bankman-Fried's parents, Bankman and Fried exploited their access and influence within the FTX enterprise to enrich themselves, directly and indirectly, by millions of dollars," the lawsuit states.

• "Despite presenting itself to investors and the public as a sophisticated group of cryptocurrency exchanges and businesses, the FTX Group was a self-described 'family business.'"

The big picture: The complaint, filed Monday in Delaware, is part of a wider bankruptcy lawsuit as current FTX CEO John Jay Ray III seeks to steer the company away from what he has called its previous "unacceptable management practices."

• Sam Bankman-Fried pleaded not guilty in January to charges of fraud, conspiracy, campaign finance law violations and money laundering. He is due to stand trial next month.

• The former FTX CEO is currently in jail after having his bail revoked last month.

The other side: Bankman and Fried's attorneys, in a joint statement called FTX's allegations "completely false" and said the new suit wasted money that could otherwise go to FTX customers, per Reuters.

Flashback: FTX management details new allegations on misuse of customer funds