FTX sues KuCoin to recover $50 million in withheld assets

Share This Post

Bankrupt crypto exchange FTX has filed a lawsuit to recover over $50 million in assets allegedly withheld by KuCoin, according to court documents filed on Oct. 28.

The assets were reportedly held in a KuCoin account belonging to the now-defunct Alameda Research, which filed for Chapter 11 bankruptcy in November 2022.

FTX’s allegation

In its lawsuit, FTX claimed that KuCoin locked access to these unnamed assets shortly after the bankruptcy proceedings began. At the time, the account held assets valued at around $30 million, rendering the bankrupt firm’s management team unable to access them.

Despite repeated requests—including direct communications with KuCoin’s CEO and legal representatives—FTX noted that KuCoin has refused to release the assets.

FTX stated:

“Notwithstanding further follow-ups to KuCoin and its in-house and outside legal teams, KuCoin has continued to refuse to turn over the Debtors’ assets or even to meaningfully engage with the Debtors regarding their requests.”

FTX claimed that the value of the locked assets has since grown to over $50 million. This claim is unsurprising, considering the sharp rise in crypto prices since 2022. For example, Bitcoin, which traded at under $20,000 in 2022, recently surpassed the $70,000 mark.

So, through this legal process, FTX aims to secure the return of these assets as part of its larger goal of supporting asset recovery for creditors and users.

This development follows FTX’s recent $228 million settlement with the crypto exchange Bybit and its affiliates. Additionally, FTX’s efforts align with its ongoing strategy to wind down operations and distribute assets. Earlier this month, FTX received court approval for a reorganization plan aimed at returning at least $12.6 billion to customers with frozen digital assets on the platform.

The post FTX sues KuCoin to recover $50 million in withheld assets appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Price Prediction 2025, 2026 – 2030: Will DOGE Price Hit $1?

The post Dogecoin Price Prediction 2025, 2026 – 2030: Will DOGE Price Hit $1 appeared first on Coinpedia Fintech News Story Highlights The price of Dogecoin today is Dogecoin price may reach a

Cardano Price Prediction 2025, 2026 – 2030: Will ADA Price Hit $2?

The post Cardano Price Prediction 2025, 2026 – 2030: Will ADA Price Hit $2 appeared first on Coinpedia Fintech News Story Highlights The live price of the Cardano token is ADA coin price could

Solana Price Prediction 2025, 2026 – 2030: SOL Price Targets $500 Next?

The post Solana Price Prediction 2025, 2026 – 2030: SOL Price Targets $500 Next appeared first on Coinpedia Fintech News Story Highlights Solana Price Today is Solana price could reach a

Crypto.com Expands UAE Footprint With License to Offer Derivatives

Cryptocom has received a limited license from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer derivative products such as futures and perpetual swaps, marking a major step forward

Binance Coin Price Prediction 2025, 2026 – 2030: Will BNB Hit $1000?

The post Binance Coin Price Prediction 2025, 2026 – 2030: Will BNB Hit $1000 appeared first on Coinpedia Fintech News Story Highlights Binance Coin Price Today is The BNB price prediction

Vermont withdraws action against Coinbase, awaits SEC’s regulatory clarity

Vermont has officially withdrawn its legal action against Coinbase, which accused the crypto exchange of offering unregistered securities through its staking program In a court filing on March 13,