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

Files Complaints Against Two Issuers, Underscoring Willingness to Pursue Litigation Barring Adequate Engagement

FTX Contacting Token and Coin Issuers Regarding FTX Assets; Urges Cooperation

WILMINGTON, Del., April 28, 2025 /PRNewswire/ -- FTX Trading Ltd. (d/b/a FTX.com) and the FTX Recovery Trust (collectively "FTX") today announced that to recover estate assets, FTX has commenced legal action against certain token and coin issuers which own FTX assets and have been unwilling to engage. FTX is in the process of contacting numerous other token and coin issuers regarding FTX assets and will be filing additional suits against non-responsive parties. FTX urges these parties to respond timely to avoid litigation.

FTX today filed two complaints against token issuers NFT Stars Limited and KUROSEMI INC. (d/b/a Delysium) (collectively the "Issuers") for failing to provide FTX with contractually-entitled tokens. The litigation follows numerous unanswered attempts to engage with the Issuers and seek a resolution without litigation.

The FTX Estate issued the following statement:

We urge token and coin issuers to return assets that rightfully belong to FTX, and are willing to initiate litigation barring adequate engagement. Our team continues to work tirelessly to maximize recoveries for the FTX Estate and return funds to creditors, including by filing two complaints against issuers who have repeatedly ignored our attempts to engage.

Advisors

The FTX Recovery Trust is represented by Sullivan & Cromwell LLP as legal counsel and is assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ftx-commences-legal-action-to-ensure-the-return-of-tokens-and-coins-302440337.html

SOURCE FTX