FTX Wants to Get Back $240M from Embed Acquisition
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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.

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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.

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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.

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