Court docket: FTX spent $400 million on the acquisition of its European department

In accordance with the authorized workforce making an attempt to return FTX investor funds by court docket actions, the failed crypto alternate spent practically $400 million buying Swiss firm Digital Belongings AG (DAAG), which turned FTX Europe. Now the plaintiffs are in search of a refund of the cash spent on the acquisition by Sam Bankman-Fried (SBF) and his associates.

The criticism for avoidance and restoration of transfers was filed to the US Chapter Court docket for the District of Delaware on July 12. The plaintiffs state that SBF acquired DAAG by Alameda Analysis for $376 million, though the Swiss firm had restricted enterprise and no mental property apart from a marketing strategy. FTX executives’ aim was to acquire entry to European regulators by proudly owning a neighborhood firm.

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