FTX Lawyers File Lawsuit Against SBF Over $220 Million Embed Acquisition
FTX lawyers have filed a lawsuit against former FTX chief Sam Bankman-Fried (SBF), co-founder Zixiao Wang, and executive Nishad Singh. The lawsuit is related to the $220 million acquisition of Embed, a stock-clearing platform. The lawyers allege that there was a lack of due diligence before the acquisition process.
- The continuing saga or sad, sad song of FTX and Sam Bankman-Fried (SBF) continues, as the current owners and management of FTX which Sam Bankman Fried built into a multi-billion dollar entity are now suing him for malfeasance in the purchase of the software trading form EMbedd for 220 million dollars, after the bankruptcy court allowed it's sale for 1 million dollars to it's previous owner.
- Hmmm...
- FTX paid 220 million dollars for Embedd, and the new FTX manager sells it back to the old owner of Embedd for 1 million dollars, and the New Owner of FTX sues the old owner of FTX for buying Embedd for 220 million when it's worth only one million now.
- So the current people in charge of FTX are suing the former people in charge of FTX, who will be represented by FTX, in the suit by FTX.
- FTX is essentially suing FTX.
- The world thought this was an odd occurrence and Twitter had a field day.
- I just signed and kept upvoting Threads and posts on Hive.
- Nothing to see here folks, except rich people spending their investors/creditors money.