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FTX has reached a settlement to sell its European unit back to co-founders Patrick Gruhn and Robin Matzke for $32.7 million, dropping a lawsuit seeking to recover $323 million spent on acquiring the startup. The estate agreed to end the lawsuit, allowing the unit's assets to be repurchased by the original owners for around $30 million.
FTX settled a lawsuit that sought to claw back $323 million that it had spent acquiring a European startup, instead agreeing to sell the company back to its founders for $32.7 million. FTX concluded that the proposed settlement is the best outcome https://t.co/hD6EEQIzTP https://t.co/GaEDydIk0b
Bankrupt crypto exchange FTX has settled a lawsuit that sought to claw back $323 million that it had spent acquiring a European startup, instead agreeing to sell the company back to its founders for $32.7 million @DietrichKnauth https://t.co/hD6EEQJ7Jn https://t.co/fMDLHA4Alz
FTX SETTLES LAWSUIT, AGREES TO SELL EUROPEAN SUBSIDIARY FTX had sued the founders of the Zurich-based Digital Assets DA AG, which it acquired and rebranded as FTX Europe in 2021, alleging a "massive overpayment" made using customer funds. FTX will sell the company back to its… https://t.co/0JwpuibaPq