FTX and Alameda sue for millions in acquisition deals.
TL;DR Summary
FTX's lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due diligence. FTX filed for bankruptcy in November 2022, and since then, its new leadership has been focused on clawing back funds to repay customers and creditors. FTX wants the transactions to be labeled as "avoidable fraudulent transfers and obligations, and/or preferences," in addition to having claims made by the defendants disallowed until FTX can recoup the funds lost through avoidable transfers.
- FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy Cointelegraph
- FTX sues Sam Bankman-Fried, others in effort to recover $240M from Embed acquisition Fox Business
- FTX seeks to claw back over $240 million from Embed acquisition Reuters
- FTX seeks to claw back money from $250M Embed acquisition Axios
- Alameda seeks millions of dollars from firms including George Osborne's 9Yards Financial Times
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