FTX settles dispute, sells European arm for $33M

According to a Feb. 24 Reuters report, FTX agreed to sell FTX Europe back to its founders for $32.7 million, suggesting difficulties finding other buyers. The Swiss startup Digital Assets AG, later named FTX Europe, was acquired in 2021 in a $323 million deal.

Before accepting the sale, FTX attempted to recover the funds spent on the acquisition. The exchange filed a lawsuit alleging that the purchase was financed with customer funds and argued that the acquisition price was a “massive overpayment.”

The startup founders, Patrick Gruhn and Robin Matzke, denied the allegations and counter-attacked, asking for $256.6 million from FTX. Reuters reported that the dispute was finally resolved on Feb. 21.