FTX settles dispute, sells European arm for $33M
FTX Europe will be sold back to its founders for $32.7 million, roughly three years after being acquired by Sam Bankman-Fried for $323 million.
Bankrupt crypto exchange FTX has settled a dispute over its European division, returning the company to its previous owners.
According to a Feb. 24 Reuters report, FTX agreed to sell FTX Europe back to its founders for $32.7 million, suggesting difficulties finding other buyers. The Swiss startup Digital Assets AG (DAAG), later named FTX Europe, was acquired in 2021 in a $323 million deal.
Before accepting the sale, FTX attempted to recover the funds spent on the acquisition. The exchange filed a lawsuit alleging that the purchase was financed with customer funds and argued that the acquisition price was a “massive overpayment.”
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