FTX initiates legal action to recover creditor asset from NFT Stars and Kurosemi
Bankrupt cryptocurrency exchange FTX and its recovery trust have initiated legal proceedings against blockchain firms NFT Stars and Kurosemi, the parent company of Delysium, to reclaim assets they allege are owed to the FTX estate. These lawsuits were filed in the U.S. Bankruptcy Court for the District of Delaware, where FTX's Chapter 11 case is being handled.
In the case against NFT Stars, FTX claims it provided $325,000 in November 2021 in exchange for 1.35 million SENATE tokens and 135 million SIDUS tokens. While some tokens were reportedly delivered before FTX's bankruptcy, NFT Stars allegedly withheld the remaining tokens after the bankruptcy filing.
Regarding Kurosemi, FTX alleges that in January 2022, it invested $1 million with the expectation of receiving 75 million AGI tokens. These tokens were launched in April 2023, several months after FTX's bankruptcy, but Kurosemi has purportedly failed to transfer any of the tokens to FTX.
FTX's legal actions are part of a broader strategy to recover assets for creditor reimbursement. The estate has filed multiple similar lawsuits, including actions against exchanges like KuCoin, where over $50 million in assets are reportedly frozen. These efforts aim to maximize recoveries for the FTX estate and return funds to creditors.
As of now, the outcomes of these lawsuits remain uncertain, but they represent significant steps in FTX's ongoing efforts to address the complex challenges of its bankruptcy proceedings.
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