Disputed Assets Worth $1.3 Million: FTX Files Lawsuit Against NFT Companies Over Missing Tokens
In the ongoing saga of FTX, the bankrupt crypto exchange is taking legal actions to resolve outstanding claims and recover assets tied to its pre-bankruptcy dealings. The latest lawsuit by FTX marks a heightened push to reclaim funds, a bid to repay creditors.
FTX has stated that it is reaching out to multiple token and coin issuers over outstanding digital assets tied to the exchange. The company has also announced plans to sue NFT Stars Limited and Kurosemi Inc. over allegations of failing to deliver tokens as part of a deal involving Delysium.
The multidistrict lawsuit against FTX insiders, advisers, and celebrity promoters seeks up to $21 billion in damages. High-profile figures like Tom Brady, Gisele Bündchen, Udonis Haslem, David Ortiz, Naomi Osaka, and Kevin O'Leary are named in the lawsuit.
More lawsuits by FTX are likely to follow, highlighting the complexity of the exchange's financial entanglements. FTX initiated its creditor repayment process in February, beginning with smaller claims under $50,000. A second round of distributions, covering larger claims such as customer entitlements and unsecured debts, is scheduled for late May.
Backpack has initiated a claims process for former FTX EU customers. A settlement has been reached by former NBA star Shaquille O'Neal, who resolved claims brought by investors over losses tied to the downfall of FTX.
FTX has urged involved parties to engage cooperatively to avoid legal action. The company has stated that it is working tirelessly to maximize recoveries for the FTX Estate and return funds to creditors.
The case underscores the ongoing efforts to settle remaining issues related to FTX. Notably, in the latest round of FTX accusations, Changpeng Zhao, the founder of Binance, and Binance-associated entities are accused of transferring assets worth approximately 1.76 to 1.8 billion US dollars unlawfully from Sam Bankman-Fried's FTX. Zhao denies the US jurisdiction and argues that the transactions took place outside the USA and he resides in the United Arab Emirates.
FTX has unstaked 3.03M SOL, which could potentially impact the market. The $11.4B payout by FTX has locked crypto at 2022 lows, raising questions about its bullishness or brutality.
As the legal battles continue, FTX plans to file further lawsuits against those who fail to respond to its requests. The ongoing legal actions serve as a testament to FTX's determination to recover assets and resolve claims, a crucial step towards repaying creditors and restoring confidence in the crypto market.
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