FTX Sues for $240M in Embed Acquisition Clawback
FTX, a cryptocurrency exchange, has filed lawsuits against Sam Bankman-Fried, Nishad Singh, Zixiao "Gary" Wang, Embed founder Michael Giles, and other shareholders in an attempt to recover $240 million related to the acquisition of stock trading platform Embed. FTX claims that the funds for the acquisition came from Alameda and were misappropriated. The lawsuits allege that FTX executives conducted little to no due diligence before acquiring the stock platform and rushed to complete the six-month transaction ahead of the crypto exchange's collapse. FTX is seeking to recover $236.8 million from Giles and Embed insiders, as well as $6.9 million from Embed minority shareholders.
- FTX sues Sam Bankman-Fried, others in effort to recover $240M from Embed acquisition Fox Business
- FTX seeks to claw back over $240 million from Embed acquisition Reuters
- FTX pursues $244M clawback from 'wildly inflated' Embed acquisition deal Cointelegraph
- Alameda seeks millions of dollars from firms including George Osborne's 9Yards Financial Times
- FTX seeks to claw back money from $250M Embed acquisition Axios
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