TechFlow news: FTX's lawyers are seeking to recover $243.7 million from insiders and executives at Embed, alleging that the former leadership paid "grossly inflated" prices for the company.
On Wednesday, another lawsuit was filed seeking to reclaim funds from Embed CEO Michael Giles and its shareholders, accusing FTX of paying a "wildly inflated" price of $220 million for the stock trading platform. Additionally, as part of the acquisition, FTX paid a total of $70 million in retention bonuses to Embed employees. The majority of this amount was paid to Giles ($55 million).
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