FTX sues Sam Bankman-Fried, Gary Wang, and Nishad Singh, claiming the trio knew Alameda was insolvent when acquiring clearing platform Embed for nearly $250M
FTX (specifically, WRS & Alameda) sues to clawback $6.9 million from former Embed shareholders. Embed was acquired in March 2022 for $220mn, with $157mn going to founder Michael Giles (not named in this action). FTX's recent Embed auction's final bid was only $250,000. [image]
🚨 FTX estate just sued the world for > $200mm re: SBF's late 2022 purchase of a trade cleaing operation. Few names I see: ➤ Michael Giles ➤ Harland Group ➤ Y Combinator ➤ Bain ➤ Propel Venture ➤ Basecamp Expect more of these as the deadline to file clawbacks approacheth. https://…
Correction: Giles has $156 million to be clawed back; the rest concerns other parties for payment of shares, options and SAFEs. Link to lawsuit: https://restructuring.ra.kroll.com/ ... [image]