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business2 years ago

FTX takes legal action to recover $240 million from Embed acquisition.

Bankrupt crypto exchange FTX is suing former insiders, including founder Sam Bankman-Fried, and Embed executives for allegedly misappropriating company funds to acquire the essentially worthless stock trading platform Embed. FTX is seeking to recover over $240 million it paid for Embed just six weeks before the crypto exchange collapsed into bankruptcy in November. FTX's new management has been seeking to recover assets to repay customers since the bankruptcy filing.

via Reuters|
#bankruptcy#business#cryptocurrency
finance2 years ago

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.

via Cointelegraph|
#clawback#due-diligence#embed
cryptocurrency2 years ago

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.

via Fox Business|
#acquisition#bankruptcy#cryptocurrency