FTX Estate Sues NFT Marketplace and AI Gaming Platform Over Undelivered Tokens

Bankrupt crypto exchange FTX is ramping up its efforts to recover assets it purchased through token agreements. This time, the legal spotlight falls on NFT Stars and Delysium.

⚖️ FTX Estate Files Lawsuits Against NFT Stars and Delysium FTX Trading and FTX Recovery Trust have filed lawsuits in Delaware bankruptcy court, claiming that NFT Stars and Delysium failed to deliver tokens promised in investment deals with Alameda Ventures, the venture arm of Alameda Research. The lawsuits seek the return of more than:

🔹 83 million SIDUS tokens

🔹 831,000 SENATE tokens

🔹 75 million AGI tokens Additionally, FTX is demanding compensation for breach of contract and penalties for violating bankruptcy protections.

🏛️ Part of FTX’s Broader Recovery Plan These lawsuits mark the latest step in FTX’s plan to return assets to creditors. After the exchange collapsed in November 2022 — when it was revealed that company executives misused $8 billion in customer funds — FTX launched a restructuring effort. Its founder, Sam Bankman-Fried, has since been convicted of fraud and conspiracy and sentenced to 25 years in prison.

📑 Contract Violations and Ignored Negotiations FTX claims that both companies repeatedly ignored attempts to resolve disputes out of court. Specifically:

🔹 Delysium extended its AGI token vesting schedule to 48 months and refused to release any tokens, citing FTX's bankruptcy.

🔹 NFT Stars initially delivered some tokens but failed to complete further transfers after FTX filed for bankruptcy.

Between June 2023 and September 2024, FTX’s legal team tried to contact:

🔹 NFT Stars 15 times

🔹 Delysium 13 times

— but received no response.

💥 What Is FTX Demanding? FTX is seeking:

🔹 Immediate return of all undelivered tokens

🔹 Damages for breach of contract

🔹 Penalties for violating the automatic stay under U.S. bankruptcy law

📊 A Closer Look at the Two Cases Delysium case:

In January 2022, Alameda Ventures paid $1 million for the right to 75 million AGI tokens. Although the tokens launched in April 2023, Delysium reportedly changed the vesting terms and refused to distribute any. NFT Stars case:

FTX paid $325,000 in November 2021 for rights to 1.35 million SENATE and 135 million SIDUS tokens. While some were delivered initially, NFT Stars allegedly halted further transfers after the FTX bankruptcy.

🔥 Summary The collapse of FTX still echoes throughout the crypto world. Now, the company is fighting to recover millions of tokens it claims rightfully belong to its creditors. The lawsuits against NFT Stars and Delysium show that FTX is ready to battle for every asset that can help repair the massive damage caused by one of the biggest collapses in crypto history.

#FTX , #CryptoLawsuit , #CryptoScandal , #CryptoNewss , #BlockchainNews

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