Bankrupt crypto exchange FTX sells subsidiary in Europe

After lengthy negotiations, the FTX cryptocurrency exchange agreed to sell its subsidiary FTX Europe to its former founders.

The bankrupt trading platform acquired Swiss startup Digital Assets for $325.5 million in 2021 and renamed it FTX Europe.

Since 2022, FTX has been trying to recover its funds spent on the purchase of Digital Assets. However, the founders of the startup, Patrick Gruen and Robin Matzke, refused to return the money. Ultimately, the parties entered into a deal to sell FTX Europe. The company was involved in a bankruptcy filing in November 2022.

Earlier, creditors of FTX, which collapsed in 2022, filed a class action lawsuit in the Southern District of Florida against the law firm Sullivan and Cromwell (S&C), which is overseeing the bankruptcy proceedings of the trading platform.