As a seasoned researcher who has followed the crypto market closely for years, I find myself intrigued by the latest turn of events between FTX and Crypto.com. The allegations that Alameda Research used shell companies and employee names to conduct trades is not entirely surprising in the often opaque world of cryptocurrencies. However, the fact that Crypto.com has frozen the account, potentially holding funds belonging to FTX creditors, raises some serious questions about transparency and cooperation within the industry.
FTX is pursuing legal action to retrieve approximately $11 million from an account on Crypto.com that they claim is managed by its affiliated company, Alameda Research.
According to a court document dated November 8 and reported by crypto.news, the lawsuit claims that Alameda secretly conducted cryptocurrency trades using an account opened under the name Ka Yu Tin (also recognized as Nicole Tin) and other shell companies or employee names, which was part of a broader strategy.
Following Alameda’s bankruptcy declaration, it is said that Crypto.com restricted access to their account, preventing FTX managers from reaching the deposited funds.
FTX argues that Crypto.com refuses to release the funds due to a mismatch between the registered account name and the representatives of the FTX bankruptcy estate.
In simpler terms, FTX has submitted legally accepted papers clarifying the intricacies of the account and stating that the assets are owed to FTX’s creditors. However, as per the court document, Crypto.com has not responded yet.
Foris MT and Iron Block
As a researcher, I’m sharing an update about FTX’s strategic approach to enhance its position. Instead of merely asserting claims, FTX is choosing to counterclaim against Crypto.com’s parent companies, Foris MT and Iron Block. These entities have previously made claims totaling approximately $18.4 million and $237,800 respectively, against FTX regarding assets that were held on the platform prior to its bankruptcy filing.
According to FTX, it would be prudent to postpone any assertions from these parties until Crypto.com has handed over the contested resources.
This legal action is part of FTX’s wider initiative aimed at recovering funds from various exchanges, such as Upbit, among others.
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2024-11-08 19:54