Debtors of FTX resolve some of their claims over the Embed agreement with Fried, Sam, and others

 Debtors of FTX resolve some of their claims over the Embed agreement with Fried, Sam, and others

The insolvent cryptocurrency exchange FTX has reached a settlement with creditors and founder Samuel Bankman-Fried on claims pertaining to the purchase of the Embed stock trading platform.

The insolvent cryptocurrency exchange FTX has reached a settlement with creditors and founder Samuel Bankman-Fried on claims pertaining to the purchase of the Embed stock trading platform.

A settlement agreement has been struck with founder Samuel Bankman-Fried and other parties to satisfy various claims pertaining to the purchase of stock trading platform Embed by bankrupt cryptocurrency exchange FTX and its creditors, the company said on Friday.

Bankman-Fried and former FTX executives Nishad Singh and Gary Wang have reached a settlement agreement.

As part of the settlement, any assets held in the names of Bankman-Fried, Singh, and Wang in Embed will be returned to the FTX creditors, along with 100% of the purchase price.

According to FTX, the creditors want to pursue further claims against the former CEO and other executives.

Targeting former FTX insiders, including convicted founder Bankman-Fried, Embed executives, including founder Michael Giles, and Embed stockholders, FTX filed three cases in May in U.S. Bankruptcy Court in Delaware. FTX attempted to retrieve the excess of $240 million that it had spent for the embed.

Not even six weeks between FTX's purchase of Embed and the November collapse of the cryptocurrency exchange. Its current CEO, John Ray, referred to the dangerous bets company made, which cost billions of customers' money, as "old-fashioned embezzlement.”