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FTX debtors settle some claims over Embed deal with Sam Bankman-Fried, others

Sam Bankman Fried
Photo: FTX

In a statement released on Friday, the insolvent cryptocurrency exchange FTX and its creditors announced that they had reached a settlement deal with the company’s founder, Samuel Bankman-Fried, and other parties to satisfy various claims that were associated with the exchange’s acquisition of the stock trading platform Embed.

Nishad Singh and Gary Wang, both of whom had previously worked for FTX, are parties to the settlement agreement that Bankman-Fried has reached.

As part of the settlement, the debtors of FTX will be prosperous in recovering one hundred percent of the value that was paid for Embed’s acquisition, as well as all of the assets that were held at Embed in the names of Bankman-Fried, Singh, and Wang.

According to FTX, the holders of the loan will proceed with the pursuit of additional claims against the former CEO and officers.

Former FTX officials, including the indicted founder Bankman-Fried, Embed executives, including the founder Michael Giles, and Embed stockholders, were the targets of three lawsuits that FTX brought in May in the United States Bankruptcy Court in Delaware. FTX attempted to recoup the more than 240 million dollars it had paid for Embed.

Just six weeks before the cryptocurrency exchange went down in November, FTX completed the acquisition of Embed. John Ray, the company’s current CEO, referred to this behavior as “old-fashioned embezzlement” because it resulted in the company losing billions of dollars in client money while simultaneously supporting its risky investments.

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