FTX has recently reached an agreement on the sale of its European branch following a legal dispute between the exchange’s management and the eventual buyers. This development comes as the embattled crypto exchange continues to gather more liquidity in a bid to pay off its million creditors.
FTX Returns European Arm To Former Owners At ‘Much Discounted Price’
According to a Reuters report on Friday, FTX has successfully completed the re-sale of its European subsidiary to the previous owners at a price of $32.7 million. Initially, the exchange had filed a lawsuit against the founders of FTX Europe, then known as Digital Assets AG (DAAG), as it aimed to recover the $323 million paid in the acquisition deal in 2021.
FTX argued that the crypto startup founders, Patrick Gruhn, and Robin Matzke, had sold the company at an inflated price, describing the deal as a “massive overpayment” financed by customers’ deposits. In addition, the embattled crypto exchange state
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