Tag: Sullivan Cromwell

FTX Strikes $33 Million Deal to Resolve Dispute Over European Venture

Bankruptcies tamir - February 27, 2024

The bankrupt crypto exchange FTX has reached a $33 million settlement regarding its contentious European expansion effort. This resolution comes after FTX sought to recover $323 million spent on acquiring a European startup, a venture that has now concluded with the company being sold back to its original founders for $32.7 million. The heart of this dispute lay in FTX's 2021 acquisition of Digital Assets DA AG, a Zurich-based company that was rebranded as FTX Europe.

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