Countem
Verified Certified Fraud Examiner and CPA
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FTX Sues Bankman-Fried, Others Over $220 Million Embed Deal
FTX Trading Ltd. sued Sam Bankman-Fried and other former leaders of the bankrupt crypto empire for allegedly using misappropriated funds to buy an “essentially worthless” stock-clearing firm in 2022 for $220 million.
news.bloomberglaw.com
FTX is suing SBF and other former FTX upper-ups for using ill-gotten funds to purchase Embed Financial Technologies at an artificially inflated price of $220M. As the bankruptcy case continues, FTX has not been able to get a bid higher than $1M for the assets of Embed, and that bid is from the former founder, who made $157M when selling Embed to FTX and now has a complaint lodged against him by the new FTX leadership.