{"id":11496,"date":"2023-05-20T18:02:08","date_gmt":"2023-05-20T22:02:08","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bankrupt-ftx-sues-to-retrieve-over-240-million-from-trading-platform-embed\/"},"modified":"2023-05-20T18:02:09","modified_gmt":"2023-05-20T22:02:09","slug":"bankrupt-ftx-sues-to-retrieve-over-240-million-from-trading-platform-embed","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11496","title":{"rendered":"Bankrupt FTX Sues to Retrieve Over $240 Million from Trading Platform Embed"},"content":{"rendered":"
\n

The bankrupt crypto exchange FTX is taking legal action in an attempt to retrieve more than $240 million it paid for the stock trading platform Embed.<\/p>\n

Embed was acquired by FTX\u2019s American branch FTX.US in mid-2022, but representatives for FTX\u2019s bankruptcy estate now say former company executives, including CEO Sam Bankman-Fried, did no investigation before buying the stock trading platform.<\/p>\n

The acquisition of Embed happened just six weeks before FTX collapsed and later filed for bankruptcy.<\/p>\n

The news was first reported in a Reuters article on Thursday, where Embed was described as an \u201cessentially worthless bug-ridden software platform.\u201d<\/p>\n

FTX\u2019s new management has now filed three lawsuits with the U.S. Bankruptcy Court in Delaware targeting Sam Bankman-Fried and other former FTX executives, Embed executives including founder Michael Giles, and Embed shareholders.<\/p>\n

The lawsuits alleged that Bankman-Fried and former insiders at FTX misappropriated company funds to acquire Embed.<\/p>\n

FTX has recently tried to sell Embed, but decided to scrap the plan when the highest bidder offered only $1 million, or just around 0.4% of what FTX originally paid for it.<\/p>\n

Part of wider asset recovery efforts<\/h2>\n

The newly filed lawsuits are part of a wider effort by FTX\u2019s current management to recover assets that were lost during the exchange\u2019s collapse.<\/p>\n

Among other things, FTX has tried to get back donations previously paid to political candidates in the US, but the attempts have for the most part been unsuccessful.<\/p>\n

Still, some success has been seen in recovering assets, with an FTX attorney in April stating that the now-defunct crypto exchange has recovered over $7.3 billion in cash and liquid crypto assets.<\/p>\n

“The situation has stabilized, and the dumpster fire is out,” the attorney said at the time.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The bankrupt crypto exchange FTX is taking legal action in an attempt to retrieve more than $240 million it paid for the stock trading platform Embed. Embed was acquired by FTX\u2019s American branch FTX.US in mid-2022, but representatives for FTX\u2019s bankruptcy estate now say former company executives, including CEO Sam Bankman-Fried, did no investigation before […]<\/p>\n","protected":false},"author":1,"featured_media":11497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-11496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBankrupt FTX Sues to Retrieve Over $240 Million from Trading Platform Embed | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The bankrupt crypto exchange FTX is taking legal action in an attempt to retrieve more than $240 million it paid for the stock trading platform\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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