FTX wants to return about $244 million from the purchase of Embed

The lawyers of the cryptocurrency company are demanding the return of almost $ 244 million from insiders and executives of Embed. They claim that the previous management "overpaid".

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Yesterday it became known that on May 17, a lawsuit was sent to the ex-CEO of FTX and other key insiders of the site regarding the purchase of Embed. According to lawyers, the transaction was carried out without the necessary care.

At the same time, another lawsuit was additionally filed at the same time. It has already been sent to the CEO of Embed with a demand to recover from him and his shareholders the funds that were paid in transactions at "greatly inflated" rates.

According to the chief technical officer, he was shocked that a short meeting with the CEO was enough to make a deal with such a huge amount.

At the same time, FTX, as part of the purchase, paid Embed employees about $ 70 million for retention. About $55 million of them were paid directly to the CEO.

It should be noted that during the entire period of signing the purchase agreement (from June 10 to September 30), he was paid almost $ 0.5 million daily. with the condition that he will work every day seven days a week. He was also paid an additional $103 million. since he was the largest shareholder of the company.

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