FTX to Recover $300M Paid to Its European Affiliate

FTX bankruptcy lawyers have sought court orders to
recover $323 million paid to the leadership of FTX Europe, a subsidiary of the
now-bankrupt cryptocurrency exchange. The amount is believed to be part of a
larger sum of money allegedly misappropriated by the former FTX executives.

According to a court
filing yesterday (Wednesday) seen by CoinDesk, Sam Bankman-Fried, the former
FTX CEO and the FTX Group, allegedly paid the money for the acquisition of
DAAG, a Swiss company that was later renamed FTX Europe.

According to the
lawyers, who submitted the matter on behalf of FTX and Maclaurin Investments, an entity owned by Alameda Research, FTX Europe had limited resources.

FTX is now seeking that
a Delaware-based bankruptcy court handling its bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term proceedings order that the
funds paid to the individuals overseeing FTX Europe, Patrick Gruhn, Branson
Willaims, Robin Matzke, and Lorem Ipsum, be returned to the company.