Bitcoin

FTX, a cryptocurrency exchange currently in bankruptcy, has recently taken legal action against the former executives of a Swiss company Digital Assets DA AG it once acquired. The <a href="https://restructuring.ra.kroll.com/FTX/Home-DownloadPDF?id1&#61;MTU5MTQ5NQ&#61;&#61;&amp;id2&#61;-1" rel="noopener noreferrer nofollow">lawsuit</a> is an attempt to recover at least $323 million, funds which are intended to repay creditors and reimburse customers.FTX alleged that it excessively paid for <a href="https://ch.linkedin.com/company/dat-ag" rel="noopener noreferrer nofollow">Digital Assets DA AG</a>, a Swiss firm that was later renamed <a href="https://ftx.com/eu" rel="noopener noreferrer nofollow">FTX Europe</a> after a series of transactions in 2020 and 2021. The legal action, lodged in the U.S. Bankruptcy Court in Wilmington, Del., asserted that FTX knowingly purchased the Swiss entity despite its limited operations and lack of intellectual property beyond a business blueprint.The lawsuit targets the co-founders of Digital Assets DA AG and a previous employee and shareholder. FTX accused them of selling a company that had little value and was unlikely to be sold.FTX had <a href="https://www.startupticker.ch/en/news/leading-crypto-exchange-acquires-swiss-company-to-launch-european-operations" rel="noopener noreferrer nofollow">procured</a> the Swiss firm with the intention of liaising with regulators to streamline business activities and broaden its European customer base. However, the lawsuit contended that the firm neither held nor secured the required licenses that would have been advantageous to FTX in Europe.Read full article at <a href="https://cryptotale.org/ftx-targets-former-swiss-firm-managers-in-323-million-lawsuit/" rel="noopener noreferrer nofollow">CryptoTale.</a>

FTX Targets Former Swiss Firm Managers in $323 Million Lawsuit

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