FTX Goes on the Offensive: Lawsuits Demand Crypto Clawbacks Amid Bankruptcy Chaos

Bankrupt exchange turns litigious—hunting down withdrawals made before its collapse. Because nothing says ’trust us’ like suing your own customers.

Legal artillery deployed: FTX’s new management fires salvos at hedge funds, VC firms, and even individual traders who dared to withdraw their assets pre-meltdown. The playbook? Claim those transactions were ’preferential’—Wall Street’s favorite euphemism for ’give it back.’

Bonus jab: Meanwhile, traditional finance bros sip champagne while watching crypto’s version of musical chairs—except the music stopped months ago and the SEC is still writing the rulebook.

FTX Takes Legal Action

FTX demands the return of tokens as specified under alleged contractual terms. The tokens in question were acquired by Alameda Research, a trading subsidiary of FTX, under a Simple Agreement for Future Tokens (SAFT). Legal documents have been submitted to the court, seeking restitution of these assets along with punitive damages for non-compliance.

According to court filings, NFT Stars Limited is obliged to deliver 1,354,166 SENATE tokens and 135,416,666 SIDUS tokens to Maclaurin Investment. Maclaurin Investment, previously known as Alameda Ventures, had paid the predetermined amount under the agreement. The lawsuit aims to ensure the return of these assets under the established conditions.

AI Platform and Other Claims

FTX’s other lawsuit involves Kurosemi Inc., addressing disruptions related to the return of Delysium tokens. Allegedly, Maclaurin Investment paid $1 million to receive 75 million AGI tokens post-launch, but the tokens have yet to be delivered. There are assertions indicating that the token transfer may not occur as anticipated.

FTX: “We invite the issuers of tokens and coins to return assets belonging to FTX. If sufficient communication is not achieved, we will pursue legal avenues.”

Delysium Moderator: “Due to FTX’s bankruptcy, token distribution will not occur.”

In November 2022, FTX filed for bankruptcy following allegations of misusing customer deposits and mismanaging funds. This litigation process is part of a broader strategy aimed at protecting creditors’ rights and facilitating asset recovery.

The lawsuit is considered a recovery effort for FTX’s creditors, with its effects on the digital asset market being closely monitored. Developments related to communication efforts between parties and procedural steps in the litigation are deemed significant in terms of market regulations and asset recovery strategies.