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Crypto marketplace FTX finds itself embroiled in a tense situation, as it enters a legal battle to recover a substantial amount of $323.5 million. Legal representatives for the struggling company and Maclaurin Investments Ltd., a subsidiary of Alameda Research and part of the financially troubled FTX conglomerate, have brought this matter to a Delaware bankruptcy court.
The legal teams representing both companies have directed their focus on the leaders of FTX Europe, demanding the return of the significant sum. This group, consisting of Patrick Gruhn, Robin Matzke, Brandon Williams, and Lorem Ipsum UG, had previously received funds for the acquisition of Swiss Company DAAG, which later transformed into FTX Europe.
The court filing reveals that FTX Group, led by Sam Bankman-Fried, had disbursed approximately $323.5 million for this acquisition. However, the lawyers have cast doubt on the legitimacy of the acquisition by highlighting the minimal operations of the company and the absence of any significant intellectual property.
Interestingly, the legal team suggests that the primary motive behind the DAAG acquisition was to gain access to European regulators through DAAG's founders. The aim was to obtain the necessary permissions for operating within the European Economic Area. Moreover, the personal connections between Bankman-Fried and Williams and Matzke, two executives of DAAG, further influenced this transaction.
The lawyers' final plea is to halt any further payments to the leadership of FTX Europe, as $53 million is still pending from the original $376 million deal. Their argument rests on the fact that FTX Europe holds little to no asset value and is essentially unsellable. In recent developments, a Swiss court in April granted FTX permission to explore the sale of FTX Europe. The previous month, FTX Europe initiated the process for customers to withdraw their funds tied up in the platform.
