Crypto exchange FTX has filed a lawsuit against NFT Stars Limited and KUROSEMI INC., the company behind the gaming platform Delysium. The lawsuit has been filed in the Delaware Bankruptcy Court in the US.
FTX alleges that these two companies did not deliver the promised tokens, which were very important for the recovery process of the FTX estate. FTX also tried to contact them several times, but when no response was received, the company had to approach the court.
A statement issued by FTX said, “We appeal to all token and coin issuing companies to return the assets that legally belong to FTX. Our team is working continuously so that we can recover as much money as possible and return it to our customers.”
FTX is preparing to give the second installment to the customers
This lawsuit has come at a time when FTX is preparing to give the second installment of payment to customers as part of its recovery process and the FTX KYC Repayment Deadline has been extended to June 1. At the same time, according to the project approved by the court in October 2024, FTX is aiming to return 119% of the amount of their claim to 98% of the creditors. The payment of the second installment is going to start from May 30, 2025.
FTX’s current team, which is headed by bankruptcy expert John Ray, has so far recovered an amount of about $14.5 billion to $16.3 billion. This entire process was started after FTX founder Sam Bankman-Fried revealed the misuse of $8 billion of customers’ money.
FTX’s legal team, Sullivan & Cromwell LLP, has also warned that if other token and coin issuing companies do not cooperate, lawsuits will soon be filed against them as well.
The outcome of these new lawsuits could further strengthen FTX’s total recovery and the amount it owes its customers. This case is considered a major step towards finalizing one of the biggest insolvency cases in the crypto industry.
FTX’s lawsuit against NFT Stars and Delysium is part of the company’s recovery strategy, whose main objective is to return the money to the customers. This case will not only strengthen FTX’s economic return, but it will also send a message to other crypto companies that it is important to follow contracts.
As the payment of the second installment is getting closer, this lawsuit can play an important role in strengthening FTX’s image and investors’ trust again. Along with this, if you want to read news related to other Crypto Exchanges, then you can read it by visiting our Crypto Exchanges section, where you will get new information like orders to crypto exchanges, and update your KYC before June 30.