Bankrupt cryptocurrency exchange FTX has settled a lawsuit in which it sought to recoup the $323 million it spent to acquire a European startup. FTX says it overpaid for a startup that couldnt get up and running and that the founders of FTX Europe will buy back their company for $32.7 million. It is reported that Digital Assets DA AG was acquired by FTX in 2021 and renamed FTX Europe. FTX stated in the lawsuit in July 2023 that the acquisition transaction was a huge overpayment paid using FTX customer funds. FTX said no other buyer would agree to purchase its startup European subsidiary FTX Europe and that the proposed settlement is best for FTX creditors, according to documents filed Thursday in bankruptcy court in Wilmington, Del. result. (Reuters) July 2023 news, FTX Trading recently sued insiders of FTX’s European unit, claiming that the acquisition price paid for it by former CEO SBF was obviously too high. Accounting firm BDO said FTXs $376 million acquisition of Swiss startup Digital Assets AG (DAAG) reasonably represents fair value and is not inappropriate. DAAG later changed its name to FTX Europe.