NEW YORK : Bankrupt crypto exchange FTX is seeking to claw back more than $240 million it paid for stock trading platform Embed, saying former FTX insiders did no investigation before buying the essentially worthless bug-ridden software platform. FTX filed three lawsuits late Wednesday in U.S. Bankruptcy
NEW YORK : Bankrupt crypto exchange FTX is seeking to claw back more than $240 million it paid for stock trading platform Embed, saying former FTX insiders did no investigation before buying the essentially worthless bug-ridden software platform.
FTX closed on the Embed acquisition just six weeks before the crypto exchange collapsed into bankruptcy in November. FTX lost billions in customer money while propping up its own risky investments, actions its current CEO John Ray called"old-fashioned embezzlement." FTX intended to use Embed's software to add stock trading to its crypto exchange platform, but Embed's software was"essentially worthless," the lawsuits said. FTX performed almost no investigation of Embed and"prioritized speed over all else," they added.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
With China looming, Biden plans new Pacific islands summit after no-show in Papua New GuineaMr Biden cancelled the Papua New Guinea visit due to the US debt ceiling crisis. Read more at straitstimes.com.
Read more »
Netizen posts photos of damaged ceiling and doors at new BTO at West Coast - Singapore NewsThere is a sizable spot on the ceiling over the lift doors where the paint has fallen and cement is visible
Read more »
Vietnam pledges no new coal plants after 2030Vietnam has the world’s third-largest pipeline of new coal power projects after India and China. Read more at straitstimes.com.
Read more »
Common consumer products contain multiple toxic chemicals, new study showsHair and nail products, all-purpose cleaners and automotive products contain some of the highest numbers of chemicals.
Read more »
Recovery of victims from New Zealand hostel fire expected to begin WednesdaySix people are confirmed dead and a number of people remain unaccounted for. Read more at straitstimes.com.
Read more »
New Mexico teen bought AR-style rifle legally before shooting spree, police sayThe suspect had bought the rifle a month after he turned 18, police said. Read more at straitstimes.com.
Read more »