FTX sues Crypto.com demanding to recover at least 11.4 million dollars related to the Alameda account.
On November 8, FTX, in the midst of bankruptcy restructuring, filed a lawsuit attempting to recover at least $11.4 million from Crypto.com. This fund is allegedly stored in a Crypto.com account related to FTX's sister company Alameda Research. According to the lawsuit documents, this account was registered under the name of Alameda employee Ka Yu Tin (also known as Nicole Tin). FTX stated that this practice is common for Alameda and aims to conceal its trading activities. FTX claims that Alameda actually controls and funds this account. Despite multiple attempts and providing court-approved documents, Crypto.com still refused access requests on the grounds that the name of the account holder does not match with claimant’s name. To strengthen its litigation position, FTX submitted an affidavit from former CEO Caroline Ellison confirming these accounts indeed belong to Alameda. It was disclosed by FTX that Foris MT and Iron Block - companies associated with Crypto.com also made claims totaling approximately $18.64 million during bankruptcy proceedings . In light of this, FTX asked the court to postpone handling Crypto.com's claims until it returns assets belonging to Alameda.
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