Patrick

Million

Coin

<ul class="news-points"> 
 <li>FTX settled a lawsuit to recover funds spent on its ill-fated European expansion.&nbsp;</li> 
 <li>The settlement involved selling back the acquired European subsidiary for $32.7M.</li> 
 <li>This move prioritizes payouts to FTX’s EU customers amid bankruptcy proceedings.</li> 
</ul> 
Bankrupt crypto exchange FTX has <a href="https://www.reuters.com/legal/litigation/ftx-reaches-33-million-settlement-over-failed-european-expansion-2024-02-23/" target="_blank" rel="nofollow">settled</a> a lawsuit to recover funds spent on its ill-fated European expansion. The settlement, totaling $33 million, ended a legal battle that stemmed from FTX’s acquisition of a European startup for $323 million. 
The lawsuit targeted the acquisition of Zurich-based Digital Assets DA AG, which FTX rebranded as FTX Europe in 2021. FTX had alleged that the purchase price was exorbitant and made using <a href="https://coinedition.com/judge-grills-sam-bankman-fried-about-shared-lawyer-with-celsius-ceo/">FTX</a> customer funds. However, the founders of Digital Assets DA AG, Patrick Gruhn, and Robin Matzke, contested FTX’s claims and sought $256.6 million from FTX in return. 
Following extensive legal wrangling, FTX determined that selling back the European subsidiary to its original founders for $32.7 million was the most viable option. Court documents filed in Wilmington, Delaware bankruptcy court revealed FTX’s rationale, citing t…
The post <a href="https://coinedition.com/ftx-settles-lawsuit-for-33-million-over-failed-european-expansion/">FTX Settles Lawsuit for $33 Million Over Failed European Expansion</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

FTX Settles Lawsuit for $33 Million Over Failed European Expansion

Coin Edition

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