FTX takes legal action to recover millions from Embed acquisition deal.

FTX's new leadership is seeking to claw back $243.7 million from Embed insiders and executives, claiming that the former leadership paid a "wildly inflated" price for the stock-trading platform. FTX filed a lawsuit against former CEO Sam Bankman-Fried and other top insiders on May 17, alleging that the Embed acquisition was conducted without enough due diligence. A separate lawsuit was filed on the same day seeking to claw back funds from Embed CEO Michael Giles and its shareholders, accusing FTX of paying a "wildly inflated" price of $220 million for the stock-trading platform. FTX lawyers also accused FTX insiders of taking advantage of the company's lack of controls and recordkeeping to perpetrate a massive fraud.