FTX Sues to Recover $323 Million Spent in Deal for Swiss Firm

Former FTX executives massively overpaid to acquire a Swiss firm where a close associate of Sam Bankman-Fried worked, the failed crypto platform alleged in a lawsuit that seeks to recover at least $323.5 million from beneficiaries of a deal that expanded the platform in Europe.

FTX Trading Ltd. said in a lawsuit filed Wednesday in Delaware bankruptcy court that Bankman-Fried and other executives conducted no due diligence, nor engaged in price negotiations before offering to purchase financial services firm Digital Assets DA AG, which was later renamed FTX Europe. The complaint seeks to recover funds FTX paid to a ...