iHodl.com
Main page News, Cryptocurrency Exchanges, FTX, Regulations

Bankrupt cryptocurrency exchange FTX has filed three lawsuits against Sam Bankman-Fried, Embed's CEO, Michael Giles, and the company's shareholders, demanding over $240 million, which was spent on the acquisition of the "essentially worthless" stock trading platform.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

According to a report from Reuters, the lawsuits claim FTX former top managers made no investigation about the "bug-ridden software platform." The exchange bought Ember just a few weeks before going bankrupt in November 2022.

FTX Wants to Take Back $4B from Genesis

FTX noted in the lawsuit that the deal was "wildly inflated relative to the company’s fair value" as the highest bidder was from Giles and amounted only $1 million. The report notes FTX also paid Embed employees $70 million in retention bonuses.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.