Patrick

when

<div class="coinjournal">
 <ul>
 <li>FTX sought to claw back $323 million from founders of FTX Europe, a crypto platform the bankrupt exchange acquired in 2021.</li>
 <li>According to court documents, FTX argued the exchange had overpaid for the startup.</li>
 <li>The settlement means FTX Europe founders will now buy back their company for $32.7 million.</li>
 </ul>
 FTX, the bankrupt crypto exchange that shocked the crypto world when it imploded in 2022, has agreed to sell its European subsidiary to the original owners.
 After dropping a case that sought to claw back money used to buy the Europe-based crypto startup, <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> agreed to sell it back to its founders for $32.7 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>. 
 The settlement is well below the $323 million FTX spent on the deal in 2021.
 <h2 id="span-style-font-weight-400-ftx-sells-assets-of-ftx-europe-back-to-founders-span">FTX sells assets of FTX Europe back to founders</h2>
 According to documents filed in the bankruptcy court in Wilmington, Delaware on Thursday, <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> has settled with founders of <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> Europe. Formerly Zurich Digital Assets DA AG before a rebranding, <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> Europe was the crypto exchange’s gateway to the European market.
 Now it’s part of FTX’s ongoing efforts to claw back money allegedly misspent on deals, ostensibly led by founder and former CEO Sam Bankman-Fried. The disgraced Bankman-Fried is in jail awaiting sentencing after a jury returned a guilty verdict on all charges, including fraud, last year.
 In its settlement with <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> Europe, the bankrupt crypto exchange noted that the deal to sell back the company to its founders constituted the best outcome for <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> creditors. The <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> team contended that the European-based <a rel="noopener noreferrer nofollow" title="subsidiary" href="https://thebittimes.com/tag/subsidiary.html">subsidiary</a> was unlikely to attract any bids.
 While it overpaid when acquiring the Switzerland-based Digital Assets DA AG, this settlement ends any likely long litigation given FTX Europe had filed a counter lawsuit.
 Patrick Gruhn and Robin Matzke, the founders of DA AG, denied the FTX allegations in their lawsuit and sought $256.6 million from the bankrupt exchange. Matzke told Reuters that the settlement with FTX “was a good result.”
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-to-sell-european-subsidiary-for-33-million-tbt80708.html">https://thebittimes.com/ftx-to-sell-european-subsidiary-for-33-million-tbt80708.html</a>

FTX to sell European subsidiary for $33 million

Table of Contents

TheBitTimes

Other articles published on Feb 24, 2024

Tracking Solana’s Price Levels: What to Watch For

BNB remains stable as judge approves Binance’s $4.3B plea deal

24 Crypto Update, 23 Feb: BTC at $51K, UNI Explosive Growth

Uniswap (UNI) Soars 76% as Price Hits Multi-Year High, Reason Uncovered

US Bitcoin Miners Sue Biden Administration In Battle Over Regulation

Bitcoin (BTC) Price Prediction for February 24

Join our free newsletter for daily crypto updates!