FTX's caretaker leadership is going after its embattled and indicted owner over an over $200 million acquisition he made weeks before putting his crypto empire into bankruptcy. Lawyers for the bankrupt crypto giant are suing Sam Bankman-Fried and others over a fintech company they now claim is 'essentially worthless.
FTX’s current leadership claims that Bankman-Fried and other executives knew that Alameda Research was insolvent when it finalized a nearly $250 million deal to buy stock clearing platform Embed.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
Unlike Bankman-Fried and others, Giles and Embed shareholders named in a parallel separate suit are not accused of criminal wrongdoing. Embed platform’s inability to handle approximately 600 new user accounts as part of the gradual release of FTX Stocks,” though a release plan called for Embed to handle 10,000 new accounts.
FTX’s bankruptcy representatives argue that the retention bonus was an “unusual arrangement” because it only tied Giles to Embed through the closing of the deal, rather than keeping him on to run the company afterwards. He also received over $100 million for his equity as Embed’s largest shareholder.
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