By all accounts, FTX is hoping to sue NFT Star and Delysium to get back millions of dollars in tokens. The cryptocurrency exchange, currently embroiled in bankruptcy proceedings, has repeatedly attempted to reclaim these assets before turning to the courts. The legal actions, reported on April 28, aim to ensure the return of tokens and coins allegedly owed to FTX.
Dispute with Delysium Over AGI Tokens
The issue with Delysium is about AGI tokens. In October 2023, Delysium posted a crazy announcement on Discord. They noted that due to the ongoing bankruptcy case they were not going to give AGI tokens to FTX.
According to an update from Delysium, this was the point when Delysium “changed the vesting schedule of the tokens.” Their lawyers just went ahead and extended it to 48 months. The terms of the original deal were a 20% token release after a 12-month cliff and then quarterly unlocks.
Coincidentally, Delysium kept an account on FTX.com. In addition, Delysium submitted a proof of claim for more than $243,000, which was the balance in the account as of the date of the bankruptcy filing.
NFT Star and SIDUS HEROES Metaverse
The problem with NFT Star was the firm’s tokens connected to the SIDUS HEROES metaverse project. Payment back in relevant November 2021 Alameda Ventures, backdoor sidechannel Maclaurin Investments laked in NFT Star $325k.
This payment guarantee the purchase of 1.35 million SENATE tokens and 135 million SIDUS tokens. Alameda Ventures was the payor through Maclaurin Investments.
FTX’s legal team is currently in the process of trying to recover these tokens. Instead, they are claiming that these assets should legally be returned to the exchange and its creditors.
Legal Action and Token Recovery
FTX started the process of suing to reclaim the tokens and coins. The exchange is counting on these legal proceedings to help it recover as much as $8 billion in assets.
This back and forth, before existentially bringing in the courts to play, highlights just how complex asset recovery in the face of bankruptcy can be. These legal actions, made public on April 28, show FTX’s intent to be vigorous in recovering assets for creditors.
