#United States #Wilmington #FTX Trading #NFT Stars #KUROSEMI INC.

FTX Takes Legal Action to Ensure the Return of Tokens and Coins

FTX Trading Ltd. and the FTX Recovery Trust, collectively known as FTX, announced a significant move in their ongoing effort to recoup digital assets associated with the estate. On April 28, 2025, the organization revealed that it has commenced legal proceedings against specific token and coin issuers who hold FTX assets but have been uncooperative in returning them. This step indicates FTX's commitment to recovering what is rightfully theirs unable to reach a satisfactory resolution through conventional engagement methods.

Legal Complaints Filed

FTX has filed lawsuits against two particular entities: NFT Stars Limited and KUROSEMI INC., also known as Delysium. These legal complaints stem from a series of ignored requests for tokens that FTX believes are owed under previously established agreements. FTX's leadership has expressed their dissatisfaction with the lack of responsiveness from these companies, emphasizing the proactive approach necessary to safeguard their interests and those of their creditors.

According to FTX's communication, the company has made numerous attempts to contact these issuers to resolve the situation amicably, but the lack of engagement has prompted them to resort to litigation. This initiative appears to be part of a broader strategy to engage with various issuers of tokens and coins related to FTX assets, as the company aims to maximize recovery efforts.

A Call for Cooperation

In the official statement released today, FTX reiterated its call for token and coin issuers to cooperate and return the assets that are rightfully owned by FTX. The organization has made it clear that it is prepared to pursue legal action should adequate engagement not occur promptly. The assurance from FTX is that it is dedicated to working diligently to recover estate assets for the benefit of creditors, reflecting their determination to resolve outstanding claims associated with assets tied to the FTX estate.

The ongoing legal actions signify a pivotal moment for FTX, especially as it seeks to navigate the complexities involved in recovering digital assets that have become increasingly contentious in nature. As it stands, FTX's strategy seems to be aligned with a firm message to the market that they will take definitive action against entities that fail to adhere to previously established agreements.

Legal and Financial Advisory

In terms of legal support, FTX Recovery Trust is represented by Sullivan & Cromwell LLP. Additionally, they have enlisted Alvarez & Marsal North America, LLC as a financial adviser and Perella Weinberg Partners LP as an investment banker to assist in streamlining recovery efforts. Quinn Emanuel Urquhart & Sullivan, LLP acts as special counsel, while Landis Rath & Cobb LLP provides guidance in Delaware, where FTX is based.

The initiated lawsuits and FTX's robust call for cooperation highlight the organization's commitment to pursuing all available avenues to secure the return of its digital assets. As this situation continues to unfold, industry observers will be keenly watching FTX’s actions and the responses from the token and coin issuers involved, anticipating how this legal strategy might shape the broader landscape of cryptocurrency asset recovery.