FTX will seek to recover approximately $244 million from the acquisition of Embed

2023-05-19 10:05:38

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ChainCatcher news, FTX's lawyers want to recover $243.7 million from Embed insiders and executives, claiming that its former leadership paid a "severely inflated" price for the company.

It is reported that another lawsuit was filed on Wednesday, seeking to recover funds from Embed's CEO Michael Giles and its shareholders, accusing FTX of paying a "crazy inflated" price of $220 million for this stock trading platform. Additionally, as part of the acquisition, FTX also paid a total of $70 million in retention bonuses to Embed employees. Most of this money—$55 million—was paid to Giles.

ChainCatcher previously reported that FTX lawyers filed a lawsuit against executives like SBF regarding the $220 million acquisition of Embed, alleging that insufficient due diligence was conducted at the time of the acquisition. (Source link)

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