Two entities are being sued by FTX for not returning assets as required, impeding the company's asset recovery program.
Rewritten Article:
- Cryptocurrency Drama Continues
- Latest Developments
- FTX's Lawsuit Against Tokens Trio
- Seeking Assets, Damages, and Resolution
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FTX, the troubled cryptocurrency exchange, is not backing down from its pursuit of digital assets in its ongoing bankruptcy proceedings. The company has launched two complaints against token issuers NFT Stars Limited and Kurosemi Inc., alleging that they failed to return respective tokens – SENATE and SIDUS – following failed Simple Agreements for Future Tokens (SAFTs) contracts with FTX's affiliated trading firm, Alameda Research.
In addition to claiming failure to deliver the assets, FTX is alleging breach of contract and demanding both companies hand over the tokens, which reportedly worth over $1.3 million at their peak. Furthermore, FTX is seeking punitive damages to discourage similar conduct in the future.
According to court filings, Alameda Ventures, now called Maclaurin Investment, is still owed 831,691 SENATE tokens and 83,169,187 Sidus tokens from NFT Stars Limited, an NFT marketplace. In the lawsuit against Kurosemi, the company behind AI agent platform Delysium, FTX accuses Maclaurin of paying $1 million to receive 75 million Delysium (AGI) tokens without any transfer yet.
The legal claims come as FTX continues to work tirelessly to recover assets for its creditors and maximize recoveries in this trying time. The company urges crypto and token companies to cooperate, or they risk facing litigation.
Meanwhile, these cases adds to the ongoing saga of FTX's quest for restitution, following its bankruptcy filing in November 2022 amid accusations of mismanagement by its former CEO Sam Bankman-Fried.
References:
- Bankrupt Crypto Exchange FTX Files Lawsuit Against Token Issuers Over Missing Assets
- FTX Files Lawsuits Against NFT Stars and Kurosemi for Allegedly Failing to Return Tokens
- FTX Sues NFT Stars and Kurosemi for Refusing to Return Tokens Owed to Alameda
- FTX Sues NFT Stars and Kurosemi Over Tokens: What Happens Now?
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- The ongoing lawsuitfiled by FTX against NFT Stars Limited and Kurosemi Inc. seeks the return of cryptocurrencies SENATE and SIDUS, along with punitive damages, aiming to discourage future breaches of contract.
- In the world of business, FTX, the embattled cryptocurrency exchange, continues to recover assets for its creditors, following its bankruptcy filing and the subsequent legal claims against token issuers.
- As the cryptocurrency market experiences an uptrend, investors are rightfully interested in altcoins such as ethereum, seeking opportunities for potential future growth and profitability.
- Meanwhile, the blockchain revolution continues, with new stories of innovative partnerships and developments constantly emerging, impacting diverse industries such as finance and AI.
- Anticipating another bull run, finance professionals and enthusiasts closely monitor bitcoin and ethereum, seeking predictions for end-of-year rallies and hoping to capitalize on the anticipated uptrend in the crypto market.
