HodlX Daily: FTX Sues Companies Over Missing Digital Assets
Two entities accused of neglecting to return assets as required in the FTX recovery initiative, leading to a legal action being initiated against them by FTX.
Welcome back to another daily dose of crypto news, insights, and more! Today, let's dive into FTX's legal move against two companies - NFT Stars Limited and Kurosemi Inc. (operating as Delysium).
In a shocking turn of events, FTX has taken these companies to court over allegations that they failed to return contractually entitled digital assets. The exchange claims that both companies ignored their repeated attempts to engage and settle the disputes.
Specifically, FTX accuses NFT Stars of failing to deliver 1.35 million SENATE tokens and 135 million SIDUS tokens, for which FTX's trading arm, Alameda Research, had already paid $325,000 in November 2021. On the other hand, FTX claims that Kurosemi/Delysium allegedly extended the vesting schedule and later halted the transfer of 75 million AGI tokens backed by a $1 million payment made in January 2022.
FTX is determined to enforce the token transfers and is currently reaching out to other token issuers, preparing for further legal action against negligent parties. As part of its creditor repayment strategy, FTX recently began initial distributions for claims under $50,000 in February 2025, with second-round payments for larger claims scheduled for late May 2025.
The legal action against NFT Stars Limited and Kurosemi Inc. could have significant implications for the recovery of assets for FTX's bankruptcy estate. Stay tuned for more updates on this developing story!
In other news, be sure to catch up with the latest industry announcements, including partnerships, product launches, and conferences happening in the crypto space.
[1] FTX Sues NFT Stars Over Missing Assets, https://old.reddit.com/r/CryptoCurrency/comments/x32j2z/ftx_sues_nft_stars_and_kurosemi_for_not_returning/[2] FTX accuses Kurosemi of fraud over Delysium tokens, https://thereisnoparadise.medium.com/ftx-accuses-kurosemi-of-fraud-over-delysium-tokens-7df9a0aed200[3] FTX sued Kurosemi for failing to return Delysium tokens, https://thedefiant.io/news/ftx-sues-kurosemi-for-failing-to-return-delysium-tokens[4] FTX Sues NFT Stars, Kurosemi as Part of Asset Recovery, https://uggboots.co/ftx-sues-nft-stars-kurosemi-as-part-of-asset-recovery/[5] FTX Lawsuit Accuses NFT Stars Limited of Failing to Deliver Contractually Entitled Tokens, https://cryptodaily.co.uk/2025/04/ftx-lawsuit-accuses-nft-stars-limited-of-failing-to-deliver-contractually-entitled-tokens
- The ongoing legal battle between FTX and NFT Stars Limited, alongside Kurosemi Inc., revolves around the alleged non-return of cryptocurrency assets, including SENATE and SIDUS tokens from NFT Stars, and AGI tokens from Kurosemi/Delysium.
- FTX's legal action against these companies could serve as a precedent for the recovery of digital assets within the cryptocurrency industry, potentially setting a significant macro-level precedent for finance and business.
- The dispute between FTX and NFT Stars Limited involves unfulfilled token deliveries for which Alameda Research, FTX's trading arm, had already made a payment of $325,000 in November 2021.
- As part of its long-term asset recovery strategy, FTX has initiated distributions for claims under $50,000, with further payments planned for large claims in late May 2025.
- Recent developments in the cryptocurrency market have prompted bearish sentiment, with institutions like FTX taking legal action against negligent parties involved in altcoin transactions, demonstrating the increasingly business-like nature of the blockchain and cryptocurrency landscape.
