FTX Trading and the FTX Recovery Trust File Lawsuits
FTX Trading and the FTX Recovery Trust have filed lawsuits against two blockchain firms — NFT Stars and Kurosemi, which operates as Delysium. The cases were submitted on April 28 in the U.S. Bankruptcy Court for the District of Delaware.
FTX accuses both companies of failing to deliver crypto tokens that were promised in earlier investment agreements. These agreements were signed through Alameda Ventures, the venture capital division of Alameda Research.
According to court filings, FTX paid both companies under Simple Agreements for Future Tokens (SAFTs). These are deals where a company pays upfront to receive tokens later, often after a token launch. FTX now wants the court to order NFT Stars and Delysium to return the tokens, or pay damages.
Legal Actions Support FTX’s Restructuring Plan
The lawsuits aim to recover funds after the exchange collapsed in November 2022. At the time, the company was one of the largest cryptocurrency exchanges in the world.
FTX filed for bankruptcy after reports revealed that executives had misused customer funds. An estimated $8 billion was transferred to Alameda Research to cover risky bets. The scandal led to major financial losses for investors.
Sam Bankman-Fried, the company’s founder and former CEO, was later convicted of fraud and conspiracy. He is now serving a 25-year prison sentence. Meanwhile, FTX is working to repay customers through a formal restructuring plan that began earlier this year.
Delysium and NFT Stars Accused of Holding Back Assets
In one of the lawsuits, FTX says it paid $1 million to Delysium in January 2022. The investment was made for the future delivery of 75 million $AGI tokens. The tokens launched in April 2023 and were scheduled to unlock gradually. However, Delysium allegedly extended the release period from 12 months to 48 months without consent.
The company also refused to transfer any tokens. A Delysium representative stated in a public Discord message that no tokens would be given to FTX due to its bankruptcy.
In the case against NFT Stars, FTX claims it paid $325,000 in November 2021 for 1.35 million SENATE tokens and 135 million SIDUS tokens. While NFT Stars initially delivered some tokens, it allegedly stopped further transfers after FTX declared bankruptcy. The defunct exchange now claims that over 831,000 SENATE tokens and 83 million SIDUS tokens remain unpaid.
FTX is requesting that the court enforce the agreements and order the companies to return the tokens. It is also seeking damages for breach of contract and sanctions for violating bankruptcy protections, including the automatic stay rule.