Failed crypto exchange FTX takes legal action against specific issuers in latest attempt

In its latest attempt, the resolved crypto exchange FTX has taken legal action to recover debts and pay back customers. In the latest efforts to recover debts and repay clients, the resolved crypto exchange FTX has filed legal action against specific issuers. FTX Trading and FTX Recovery Trust have filed lawsuits against certain token issuers who failed to fulfill their agreement to remit agreed coins to the exchange. Specifically, the restructuring team sued NFTStars Limited and Orosemi Inc. on Monday over compliance issues. FTX is suing the token issuer to recover the expired coins. FTX was once one of the most outstanding cryptocurrency trading platforms in the United States. The bank reported in November 2022 that its founder Sam

In the latest efforts to recover debts and repay clients, the resolved crypto exchange FTX has filed legal action against specific issuers.

FTX Trading and FTX Recovery Trust have filed lawsuits against certain token issuers who failed to fulfill their agreement to remit agreed coins to the exchange. Specifically, the restructuring team sued NFT Stars Limited and Orosemi Inc. on Monday over compliance issues.

FTX is suing the token issuer to recover the expired coins.

FTX was once one of the most outstanding cryptocurrency trading platforms in the United States. The bank went bankrupt in November 2022 after reports that its founder Sam Bankman-Fried had stolen $8 billion in client funds through research through its sister company Alameda.

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The collapsed exchange attempted to provide compensation to affected clients after Bankman Fried was convicted and sentenced to 25 years in prison. It is worth noting that the repayment process has begun, but FTX Estate faces major obstacles from both companies, NFT Stars and Orosemi (also known as Delysium).

The team claimed in a complaint against the two companies filed in the Delaware Bankruptcy Court that they failed to remit the token to FTX due to Alameda Ventures, a venture capital arm of Alameda Research. FTX revealed that it filed a lawsuit after several failed attempts with the token issuer.

However, after earlier investments, the market has not fully fulfilled its FTX rights. The bankruptcy exchange paid $325,000 to the issuer in November 2021 to obtain 1.35 million Senate tokens and 135 million Sidus rights.

In particular, FTX claims that NFT Stars owed them 831,000 Senate and 83 million Sidus and sought help from the court in recovering those funds. It is worth noting that the restructuring team claims that it had contacted the issuer 15 times between June 2023 and September 2024, but it was unsuccessful.

In addition, the complaint claims that despite 13 attempts to collect them, AI gaming platform Delysium has not returned the 75 million AGI tokens it owes FTX. FTX paid $1 million in January 2022 to the coins launched in April 2023.

However, after FTX went bankrupt, Delysium extended the initial 12-month vesting period to 48 months, but did not return any tokens to the exchange. Additionally, the project stated in the Public Discord Statement that it will not assign any AGI tokens to collapsed trading platforms.

FTX has asked the court to help it recover the tokens owed and seek compensation. The estate also threatens to take similar action against other companies that are reluctant to return tokens attributed to the exchange.

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