BDO found nothing amiss in FTX’s $376 million swoop to acquire Digital Assets AG, the Swiss startup that was later rebranded FTX Europe.
FTX Trading recently sued insiders at the collapsed crypto exchange’s European unit, claiming former CEO Sam Bankman-Fried had significantly overpaid for it.The accountancy firm has largely withdrawn from the crypto sector recently.Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.Accountancy group BDO found nothing amiss in FTX’s $376 million swoop to acquire Digital Assets AG , the Swiss startup that was later rebranded FTX Europe.
in recent weeks as part of a campaign to claw back funds it claims were distributed with reckless abandon while the failed exchange business was still under the control of alleged fraudster Sam Bankman-Fried.at the collapsed crypto exchange’s European unit — claiming former CEO Bankman-Fried had significantly overpaid for it, in part because of his allegedly close ties with DAAG executives Patrick Gruhn, Robin Matzke and Brandon Williams, who are the subjects of the complaint.
Conversely, BDO’s report suggests it was “consummated in an arm’s length basis by knowledgeable, unrelated parties.”A spokesperson for FTX Trading said of BDO’s assessment, “The April 2022 ‘valuation report’ simply assumes that the purchase price reflected fair value because it was ‘arms-length,’ and one cannot, of course, presume the fairness of a fraudulent transaction from the fact that it took place.
That figure refers to the €2 million that Matzke and Gruhn paid to acquire K-DNA Financial Services Ltd., a licensed Cyprus investment firm.
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