Tag: Michael Giles

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FTX pursues $244M clawback from ‘wildly inflated’ Embed acquisition deal

May 19, 2023

FTX lawyers want to claw back $243.7 million from Embed insiders and executives, claiming its former leadership paid a “wildly inflated” price for the company. FTX’s leadership is looking to claw back more than $240 million from insiders and executives that benefited from FTX’s “wildly inflated” acquisition of stock-clearing platform Embed in September. Cointelegraph reported…
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FTX leadership sues Sam Bankman-Fried over $220M deal made prior to bankruptcy

May 18, 2023

When FTX tried to sell the platform after filing for bankruptcy, the top bid was for just $1 million, representing a 99.5% decline in value. FTX lawyers are suing former CEO Sam Bankman-Fried, co-founder Zixiao Wang, and former senior executive Nishad Singh over the $220 million acquisition of stock-clearing platform Embed, alleging lack of due…
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