FTX sues SBF, others over ‘worthless’ fintech company acquisition
I've been ignoring Mr Patsy for a while, but this is priceless.
Bankrupt crypto exchange FTX sued Sam Bankman-Fried (SBF) and other former executives of the company for the $250 million acquisition of stock clearing platform Embed.
FTX liquidators said no investor was willing to pay more than $1 million for the company less than four months after SBF acquired it.
and
... lawsuit alleged that the deal was significantly overpriced.
Somewhat like FTX itself! I still have my sights on some of the VCs who pumped and shilled FTX to their more naive colleagues - and the whole world.
The founder and CEO of Embed was Michael Giles. I'd dig a little deeper into that connection.
'Big Short' author Michael Lewis says he's almost done writing SBF book
https://www.theblock.co/post/231624/michael-lewis-sam-bankman-fried-ftx-book
Grateful!? I'd be fkin ecstatic!!! Bestseller guaranteed.
Which also reveals he was unable to see through the charade earlier - no clues? bah!
more effective altruism? where the "altrui" just happens to be a friend or similar woketard, channeling funds into social behaviorist programs. That's a lot of money spent on "worthless".
That is a huge over-valuation!
Then again, how much was paid in FTT tokens. lol
I haven't delved very deeply into this angle, but I mean, if $1m is paid in tokens that are later worthless, then is one recovering that $1m or the tokens paid? Lawyers will want to be paid!
New FTX 2.0 Plans in Court Docs Spark Derision
https://dailycoin.com/new-ftx-2-0-plans-court-docs-spark-derision/
lawyers leeching
while...
BlockFi Restructuring Plan Slammed by US Court