FTX Recovery Trust has filed lawsuits against two token issuers — NFT Stars and Kurosemi, operating under the Delysium brand. The projects are accused of failing to fulfill obligations to transfer tokens previously purchased through SAFT agreements. The legal documents were filed in the bankruptcy court in Delaware. FTX claims that it made multiple attempts to resolve the matter before turning to litigation.
The complaints allege that both companies violated investment agreements signed with Alameda Ventures, a subsidiary of Alameda Research, by not transferring the tokens despite the deals being paid for.
According to the lawsuit against Delysium, in January 2022, Alameda Ventures — now known as Maclaurin Investment — transferred $1 million in exchange for the right to receive 75 million AGI tokens. The token launched in April 2023. Under the agreement, 20% of the asset was to be unlocked after 12 months, with partial quarterly unlocks thereafter.
However, FTX alleges that Delysium unilaterally extended the vesting period to 48 months and refused to deliver the tokens. A representative of the project stated that the tokens would not be issued due to the ongoing bankruptcy proceedings.
Claims Against NFT Stars
FTX is also seeking restitution from NFT Stars, a marketplace through which, in November 2021, the right to acquire 1.35 million SENATE tokens and 135 million SIDUS tokens was purchased for $325,000. According to court documents, NFT Stars transferred only a portion of the tokens before FTX entered bankruptcy, and subsequent transfers ceased.
FTX is now demanding the return of more than 831,000 SENATE tokens and 83 million SIDUS tokens, citing breach of contract and disregard for the automatic stay provisions under U.S. bankruptcy law.
Attempts at Out-of-Court Resolution
FTX reports that its representatives sent 15 communications to NFT Stars and 13 to Delysium between June 2023 and September 2024, but neither company responded. In its statement, the FTX Estate emphasized that the fund is prepared to pursue legal action when voluntary asset recovery efforts fail.
Bankruptcy Context and Asset Recovery Plans
The lawsuits are part of FTX’s strategy to recover assets for creditor repayments following the collapse of the exchange in November 2022. After revelations that approximately $8 billion in customer funds were misappropriated to cover trading losses at Alameda Research, FTX filed for bankruptcy. Exchange founder Sam Bankman-Fried was later convicted of fraud and sentenced to 25 years in prison.
As part of its restructuring, FTX continues to seek the return of assets from parties it believes are obligated to contribute to the bankruptcy estate. In addition to the recovery of tokens, the company is demanding damages for contract breaches and penalties for alleged violations of the automatic stay.
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