FTX has resolved the dispute over its European division, returning the company to its previous owners.
According to reports, FTX has agreed to sell FTX Europe back to the founders for $32.7 million, indicating difficulty in finding another buyer. The Swiss startup Digital Assets AG, later renamed FTX Europe, was acquired in 2021 in a $323 million deal.
Prior to accepting the sale, FTX attempted to recoup the money spent on the acquisition. The exchange filed a lawsuit alleging that the purchase was funded with customer funds and argued that the buyout price was an “enormous payout.”
The startup founders, Patrick Gruhn and Robin Matzke, denied the accusations and counterclaimed, demanding $256.6 million from FTX.
FTX Europe filed for Chapter 11 bankruptcy in the United States in November 2022. Several cryptocurrency exchanges sought to acquire the European division after the bankruptcy, hoping to gain a share of FTX’s regional market.
The company operated in the region for only eight months. In March 2023, FTX Europe launched a website for European customers to request withdrawals for the first time since declaring bankruptcy.
