BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BREAKING NEWS

FTX Settles $33 Million Dispute Regarding Its European Branch

by Matoy
February 26, 2024
in BREAKING NEWS, BUSINESS, CRYPTO, SOCIAL
Reading Time: 2 mins read
A A
1
SHARES
17
VIEWS
Share on XShare in TelegramShare on Reddit
  • FTX has agreed to sell its European division, FTX Europe, back to its original founders for $33 million after a legal dispute over its acquisition.
  • FTX Europe was originally founded as a Swiss startup called Digital Assets AG before being acquired by FTX for $32 million in 2021, a deal allegedly financed with customer funds.
  • The sale allows FTX Europe to resume independent operations under its founders while providing funds for FTX’s bankruptcy proceedings in the US as it winds down global operations.

FTX, the bankrupt crypto exchange, has settled a dispute regarding the fate of its European division. According to Reuters, he company has agreed to sell FTX Europe back to its original founders for $33 million.

FTX Europe’s Origins

FTX Europe was originally founded as a Swiss startup called Digital Assets AG. In 2021, it was acquired by FTX in a $32 million deal. The purchase was allegedly financed using FTX customer funds, leading to accusations of overpayment.

ICYMI: FTX to sell FTX Europe to its original founders for $33 million

— BlockNews.com (@blocknewsdotcom) February 26, 2024

The Legal Dispute

After declaring bankruptcy, FTX attempted to recover the money spent on acquiring FTX Europe. FTX filed a lawsuit claiming the purchase was made with customer funds and overvalued. The founders denied wrongdoing and counter-sued FTX for $566 million. The dispute was resolved on February 21st.

With difficulties finding other buyers, FTX has agreed to sell FTX Europe back to its founders Patrick Gruhn and Robin Matzke for $33 million. This will return the European division to independent ownership.

FTX Europe’s Future

The sale ends months of uncertainty about FTX Europe’s fate. The company will now resume operations under its original founders. This will allow FTX to focus on its bankruptcy and creditor repayments in the US as it winds down global operations.

The dispute settlement enables FTX Europe to move forward independently. Meanwhile, the sale provides needed funds for FTX’s bankruptcy proceedings. The situation resolves uncertainties about FTX’s European presence as its global empire unravels.

Tags: cryptoEurope
TweetShareShare
Previous Post

Texas Blockchain Council Win Lawsuit vs Energy Officials

Next Post

In Case You Missed It: Financial Firm Carlson Group Selects Bitcoin ETFs for Its Registered Investment Advisers

DON'T MISS THESE! HOT OFF THE PRESS

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth
CRYPTO

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance
CRYPTO

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing
CRYPTO

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself
CRYPTO

Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

July 18, 2025
Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape
CARDANO

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

July 18, 2025
$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish
BITCOIN

$10 Trillion Asset Manager Charles Schwab Confirms Bitcoin and Ethereum Trading: Here is Why This is Bullish

July 18, 2025
Load More

Related News

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

Is Polkadot Dead or Just Getting Started? Here is the Shocking Truth

July 18, 2025
President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

President Trump Says Crypto is Good for the Dollar, Claiming Genius Act Will Ensure America’s Dominance

July 18, 2025
President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

President Trump Officially Signs Genius Act Into Law: Here is Why This is Game Changing

July 18, 2025
Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

Trump Signs Genius Act Stablecoin Act, Says They Named the Bill After Himself

July 18, 2025
Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

Clarity Act Passes House: Cardano Eyes Commodity Status as New Crypto Rules Take Shape

July 18, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin US Web3 X xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.