FTX Sues NFT Stars, Kurosemi for Unreturned Tokens

FTX, the bankrupt crypto exchange, has initiated legal action against two companies for allegedly failing to return digital assets. In a recent statement, FTX revealed that it had filed complaints in the US bankruptcy court against token issuers NFT Stars Limited and Kurosemi Inc. The lawsuit alleges that these companies have not provided FTX with the "contractually entitled tokens" as part of its broader effort to recover assets for its creditors.

FTX's statement emphasizes the importance of returning assets that rightfully belong to the exchange, stating that it is willing to initiate litigation if necessary. The company continues to work diligently to maximize recoveries for the FTX Estate and return funds to creditors. The complaints demand that the companies turn over tokens that FTX claims were purchased through Simple Agreements for Future Tokens (SAFTs) by FTX’s affiliated trading firm, Alameda Research, via its venture arm, Alameda Ventures.

The complaints also seek punitive damages. According to court filings, Alameda Ventures, now called Maclaurin Investment, is still owed 831,691 SENATE (SENATE) tokens and 83,169,187 Sidus (SIDUS) tokens from NFT Stars Limited, a non-fungible token (NFT) marketplace. Maclaurin paid $325,000 for the right to receive a total of 1,354,166 SENATE tokens and 135,416,666 SIDUS tokens.

In the lawsuit against Kurosemi, the company behind the artificial intelligence (AI) agent platform Delysium, FTX alleges that Maclaurin paid $1 million to receive 75 million Delysium (AGI) tokens once the token was launched, subject to a vesting schedule. However, FTX claims that no tokens have yet been received. The lawsuit also suggests that Delysium does not intend to transfer the tokens, citing a statement from the moderator of the Delysium Discord channel on October 27, 2023, which stated, “Due to [FTX’s] bankruptcy, we will not be allocating them the tokens.”

FTX filed for bankruptcy in November 2022 following the collapse of the exchange amid accusations that its then-chief executive, Sam Bankman-Fried, mishandled the exchange’s funds by loaning out billions of dollars worth of customer deposits to Alameda Research. The legal action against NFT Stars Limited and Kurosemi Inc. is part of FTX's ongoing efforts to recover assets and compensate its creditors. The outcome of these lawsuits will be closely watched as they could set a precedent for future asset recovery efforts in the crypto industry.