The bankrupt crypto exchange FTX is suing two companies for allegedly not returning digital assets.

In a new statement, FTX says that it filed complaints in US bankruptcy court against token issuers NFT Stars Limited and Kurosemi Inc. for failing to provide FTX with “contractually entitled tokens” as part of a broader effort to recover assets for its creditors.

“We urge token and coin issuers to return assets that rightfully belong to FTX, and are willing to initiate litigation barring adequate engagement. Our team continues to work tirelessly to maximize recoveries for the FTX Estate and return funds to creditors, including by filing two complaints against issuers who have repeatedly ignored our attempts to engage.”

The complaints demand that the companies turn over tokens that FTX claims were purchased through Simple Agreements for Future Tokens (SAFTs) by FTX’s affiliated trading firm, Alameda Research, via its venture arm, Alameda Ventures.

The complaints also seek punitive damages.

According to court filings, Alameda Ventures, now called Maclaurin Investment, is still owed 831,691 SENATE (SENATE) tokens and 83,169,187 Sidus (SIDUS) tokens from NFT Stars Limited, a non-fungible token (NFT) marketplace.

Maclaurin paid $325,000 for the right to receive a total of 1,354,166 SENATE tokens and 135,416,666 SIDUS token.

In the lawsuit against Kurosemi, the company behind artificial intelligence (AI) agent platform Delysium, FTX alleges Maclaurin paid $1 million to receive 75 million Delysium (AGI) tokens once the token was launched, subject to a vesting schedule. However, FTX says no tokens have yet been received.

The lawsuit also suggests that Delysium does not intend to transfer the tokens.

“In October 27, 2023, the moderator of the Delysium Discord channel wrote: ‘Due to [FTX’s] bankruptcy, we will not be allocating them the tokens.'”

FTX filed for bankruptcy in November 2022 after imploding amid accusations that its then-chief executive, Sam Bankman-Fried, mishandled the exchange’s funds by loaning out billions of dollars worth of customer deposits to Alameda Research.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post FTX Files Lawsuit Against Two Companies for Allegedly Failing To Return Assets as Part of Recovery Program appeared first on The Daily Hodl.

The bankrupt crypto exchange FTX is suing two companies for allegedly not returning digital assets.

In a new statement, FTX says that it filed complaints in US bankruptcy court against token issuers NFT Stars Limited and Kurosemi Inc. for failing to provide FTX with “contractually entitled tokens” as part of a broader effort to recover assets for its creditors.

“We urge token and coin issuers to return assets that rightfully belong to FTX, and are willing to initiate litigation barring adequate engagement. Our team continues to work tirelessly to maximize recoveries for the FTX Estate and return funds to creditors, including by filing two complaints against issuers who have repeatedly ignored our attempts to engage.”

The complaints demand that the companies turn over tokens that FTX claims were purchased through Simple Agreements for Future Tokens (SAFTs) by FTX’s affiliated trading firm, Alameda Research, via its venture arm, Alameda Ventures.

The complaints also seek punitive damages.

According to court filings, Alameda Ventures, now called Maclaurin Investment, is still owed 831,691 SENATE (SENATE) tokens and 83,169,187 Sidus (SIDUS) tokens from NFT Stars Limited, a non-fungible token (NFT) marketplace.

Maclaurin paid $325,000 for the right to receive a total of 1,354,166 SENATE tokens and 135,416,666 SIDUS token.

In the lawsuit against Kurosemi, the company behind artificial intelligence (AI) agent platform Delysium, FTX alleges Maclaurin paid $1 million to receive 75 million Delysium (AGI) tokens once the token was launched, subject to a vesting schedule. However, FTX says no tokens have yet been received.

The lawsuit also suggests that Delysium does not intend to transfer the tokens.

“In October 27, 2023, the moderator of the Delysium Discord channel wrote: ‘Due to [FTX’s] bankruptcy, we will not be allocating them the tokens.'”

FTX filed for bankruptcy in November 2022 after imploding amid accusations that its then-chief executive, Sam Bankman-Fried, mishandled the exchange’s funds by loaning out billions of dollars worth of customer deposits to Alameda Research.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post FTX Files Lawsuit Against Two Companies for Allegedly Failing To Return Assets as Part of Recovery Program appeared first on The Daily Hodl.