FTX has sold its European subsidiary to its former owners for $32.7 million, ending a legal dispute between the exchange and the buyers.
Background
- FTX filed a lawsuit against the founders of FTX Europe, Patrick Gruhn and Robin Matzke, alleging that they sold the company at an inflated price.
- Gruhn and Matzke denied the claims and filed a counterclaim seeking $256.6 million in damages.
- FTX stated that defending the counterclaims would be costly and difficult, as key figures involved in the acquisition deal are unavailable for court testimony.
Agreement
- FTX agreed to sell the European subsidiary back to Gruhn and Matzke for $32.7 million.
- The new owners of FTX Europe are pleased with the re-acquisition, stating that the exchange’s European expansion was well on course prior to its global collapse.
FTX’s Asset Sales
- FTX has been selling its assets to raise liquidity to pay off its creditors.
- The exchange owes its clients an estimated $8 billion.
- FTX has recently gained court approval to sell its $1 billion stake in AI startup company Anthropic.
- The exchange has also sold its 22 million shares of the GBTC Bitcoin ETF, raising another $1 billion.
- These asset sales are a critical part of FTX’s debt repayment strategy.
