FTX Trading Ltd. and FTX Recovery Trust have filed lawsuits against NFT Stars Limited and Kurosemi Inc.

FTX Trading Ltd. and FTX Recovery Trust announced in a press conference on April 28 that they have filed lawsuits in the Delaware bankruptcy court against NFT Stars Limited and Okurosemi Inc., behind gaming platform Delysium, alleging that they failed to fulfill their contractual obligations and failed to deliver tokens that should be returned to FTX estate.

FTX claims that these issuers violated the contract by retaining assets, which are crucial to the recovery efforts of FTX. Before filing the lawsuit, FTX tried several times to communicate with NFT Stars and Delysium, but failed to reach a solution.

"We call on all tokens and coin issuers to return assets that should belong to FTX," FTX said in a statement. "Our team will continue to work to maximize the recovery rate of FTX's estate and return funds to creditors."

(1/3) FTX announced today that in order to recover real estate assets, FTX has filed legal action against certain tokens and coin issuers who hold their assets but are reluctant to cooperate with.

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The FTX legal team, led by Sullivan & Cromwell LLP, warns that there will be a possibility of facing lawsuits if other issuers do not cooperate. As part of its broader asset recovery strategy, FTX is actively connecting with other tokens and coin issuers and plans to file lawsuits against non-responsive issuers.

As FTX's second round of creditor allocation advances, litigation is also in progress. According to a plan approved by the bankruptcy court in October 2024, FTX's goal is to repay 98% of its creditors, with 119% of its claim value. The second round of payments, including customer rights claims and general unsecured claims, is expected to begin on May 30.

FTX declared bankruptcy in November 2022 after founder Sam Bankman-Fried abused $8 billion in customer funds. According to bankruptcy expert John Ray III, FTX has recovered $14.5 billion to $16.3 billion in assets to date.

The outcome of the lawsuit against NFT Stars and Delysium could help further increase creditor repayments as FTX is driving one of the largest bankruptcies in the Crypto world.

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