Patrick

Million

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 <a href="https://bitcoinworld.co.in/ftx-exchange-lawyers-seek-recovery-of-323-5-million-from-ftx-europe-leadership/" title="FTX Exchange Lawyers Seek Recovery of $323.5 Million from FTX Europe Leadership" rel="noopener noreferrer nofollow"></a> 
 FTX Exchange’s legal representatives have filed a court document requesting the recovery of over $323.5 million from FTX Europe’s leadership, according to a filing on Wednesday. FTX Trading Ltd. and Maclaurin Investments Ltd., which is owned by Alameda Research (the hedge fund arm of the now bankrupt FTX empire), are seeking the return of funds transferred to Patrick Gruhn, Robin Matzke, Brandon Williams, and Lorem Ipsum UG, the leaders of FTX Europe. 
 Sam Bankman-Fried and the FTX Group had paid approximately $323.5 million to acquire Swiss company DAAG, later rebranded as FTX Europe. The lawyers claim that beyond a business plan, the company had limited business operations and no intellectual property. The acquisition was pursued by FTX Insiders with the belief that DAAG’s founders could assist in obtaining necessary licenses from European regulators for FTX’s activities in the European Economic Area. Additionally, it aimed to benefit Williams and Matzke, who had preexisting relationships with Bankman-Fried. 
 The legal representatives alleged that the FTX Europe leadership received excessive earn-out payments of nearly $100 million in connection with the acquisition of K-DNA. The latter was already licensed to operate in the European Economic Area and was later integrated into FTX Europe for a mere €2 million. 
 Furthermore, the lawyers have requested the court to halt any remaining payments to the FTX Europe leadership. The total deal amount was over $376 million, with an outstanding obligation of $52.5 million, as stated in the filing. 
 The lawyers argued that FTX Europe lacks value as an asset and is not suitable for sale. In April, a Swiss court approved FTX’s request to explore the sale of FTX Europe. In March, FTX Europe began facilitating the withdrawal of funds for its customers. 
 FTX Exchange’s legal pursuit aims to recover significant funds from FTX Europe’s leadership, asserting that the acquisition did not yield the expected value. The court’s decision will determine the outcome of this dispute and whether the requested recovery will be granted. 
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 The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/ftx-exchange-lawyers-seek-recovery-of-323-5-million-from-ftx-europe-leadership/">FTX Exchange Lawyers Seek Recovery of $323.5 Million from FTX Europe Leadership</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.
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FTX Exchange Lawyers Seek Recovery of $323.5 Million from FTX Europe Leadership

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