In what can only be described as the crypto equivalent of a Victorian melodrama, FTX Trading Ltd. and the somberly named FTX Recovery Trust have taken legal umbrage against NFT Stars Limited and KUROSEMI INC., proprietors of the gaming realm known as Delysium, for their impish failure to deliver tokens owed to the beleaguered FTX estate.
The announcement arrived on the 28th of April, with the complaints lodged in that most genteel of venues—the Delaware bankruptcy court. Here, the defendants are accused of breaching their contracts by hoarding assets that FTX insists are as vital as tea at five o’clock to its recovery efforts. FTX, having extended the olive branch repeatedly, now brandishes the sword of litigation.
“We entreat all token and coin issuers to relinquish treasures that rightly belong to FTX,” the estate declared, a plea both earnest and tinged with a hint of desperation. “Our diligent team perseveres in the noble quest to maximize recoveries for the FTX Estate and to refund creditors their due,” it assured, no doubt while polishing a monocle.
(1/3) FTX today announced that to recover estate assets, FTX has commenced legal action against certain token and coin issuers which own FTX assets and have been unwilling to engage.
— FTX (@FTX_Official) April 29, 2025
The barristers from Sullivan & Cromwell LLP, law firm par excellence and legal gladiators in this arena, caution that more lawsuits loom on the horizon should other issuers persist in their recalcitrance. As part of a grand strategy worthy of Machiavelli, the estate sieves through the crypto wilderness, reaching out to incorrigible token issuers with the mildest of threats disguised as polite legal entreaties.
All this juridical maneuvering coincides with the FTX estate’s excitement over initiating its second round of creditor distributions. Having secured court approval last October, they now pledge to repay nearly all creditors a touch more than their original claims — a generosity that would make even a Dickensian charity ball blush. The next round of payments, covering Customer Entitlement Claims and General Unsecured Claims, commences on May 30, a date to mark on the calendar with both hope and a fair drizzle of skepticism.
Recall, dear reader, the tragic downfall of FTX in November 2022, when founder Sam Bankman-Fried’s cavalier mismanagement of $8 billion of customer jewels was unveiled. Under the steely stewardship of John Ray III, a man seemingly forged from the very essence of bankruptcy expertise, the estate has so far clawed back a bounty between $14.5 billion and $16.3 billion—a sum impressive enough to make any pirate proud.
Whether this latest legal fracas will swell the treasury and further line the pockets of creditors remains to be seen, but it certainly promises to add one more sparkling chapter to the ongoing saga of crypto’s grandest bankruptcy spectacle. 🍸🎩
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2025-04-29 09:54