FTX seeks to reclaim over $240m in controversial acquisition of Embed

FTX seeks to reclaim over $240m in controversial acquisition of Embed



The crypto exchange FTX, which is currently going through bankruptcy proceedings, has taken legal action against its former CEO, Sam Bankman-Fried, and other individuals involved in the acquisition of the stock trading platform Embed. The FTX aims to recover hundreds of millions of dollars to repay its creditors and customers, as stated in court documents filed on May 18 in the US Bankruptcy Court in Wilmington, Delaware.



The lawsuit alleges that former FTX executives failed to conduct sufficient due diligence before paying an excessively high amount of $240 million for Embed, a business that is now valued at no more than $1 million. The acquisition, which had the highest bid in bankruptcy proceedings, is being challenged as an exorbitant overpayment.



Simultaneously, another lawsuit emerged, targeting Embed CEO Michael Giles and


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