FTX Drains the Swamp: Exchange Sues NFT Firms Over $1.3M ’Vanishing Act’
Another day, another crypto custody catastrophe—this time with FTX playing plaintiff. The bankrupt exchange just filed suit against two NFT firms, alleging they ’misplaced’ $1.3M worth of tokens. Whoops.
Subheader: Paper Trail Leads to Nowhere
Court docs claim the NFT outfits failed to deliver assets purchased pre-collapse. Now FTX’s lawyers are combing through blockchain records like forensic accountants at a tax evasion convention.
Subheader: DeFi’s Recurring Nightmare
Yet another case of ’not your keys, not your coins’ biting investors. But hey—at least the lawyers get paid in fiat.
FTX Lawsuits
The lawsuit comes on the heels of a settlement reached by former NBA star Shaquille O’Neal, who resolved claims brought by investors over losses tied to the downfall of FTX.
O’Neal’s legal settlement forms just one piece of a sweeping multidistrict lawsuit in which investors are pursuing up to $21 billion in damages from a wide array of FTX insiders, advisers, and celebrity promoters—an amount well beyond the $9.2 billion currently recoverable through bankruptcy.
Other high-profile figures named in the litigation include NFL quarterback Tom Brady, supermodel Gisele Bündchen, former NBA forward Udonis Haslem, baseball legend David Ortiz, tennis champion Naomi Osaka, and investor Kevin O’Leary.
The latest legal actions taken by FTX emphasize the ongoing efforts to resolve outstanding claims and recover assets tied to the company’s pre-bankruptcy dealings. With more lawsuits likely to follow, the case underscores the complexity of the exchange’s financial entanglements as it works to settle remaining issues.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
