FTX lawyers have sued former FTX executives Sam Bankman Fried (SBF), Zixiap Wang and Nishand Singh over the $220 million acquisition of stock exchange Embed.
FTX liquidation team 17 May In his statement to the Delaware Court on SBF, Zixiap Wang And Nishand Singh Embed’s 220 million during the dollar purchase sufficient review standards they do not apply sued for.
The liquidation team after purchase later liquidation within the scope of the process on sale of the highest bid upon withdrawal 1 million is the dollar by stating at the time of purchase irregularity claimed to be. According to the team’s claims, FTX is old. management team completely worthless purchased a platform with insufficient evaluation criteria.
Between them Y Combinator And of Bain Capital Ventures including Embed from shareholders 6.9 million dollar paid fund It was also reported that it was requested back.
According to the information given, approx. 10,000 person’s account able to control expected platform, 600 one’s account could not sustain.
Moreover 1 million your dollar offer Embed founder Michael Giles provided by Giles, but that Giles 157 million It was noted that he earned more than $ in revenue.
The statement included the following statements:
The authors understood that what FTX Group and FTX Insiders didn’t bother to evaluate prior to Embed’s acquisition, Emdeb, the much-lauded software platform, was essentially worthless.
Proposed claims within the scope of the liquidation team used during the purchase fraudulent transfers of funds And obligations under tack and FTX preventable via transfers lost funds until you make up defendants by alleged to the allegations not be allowed demanded.