FTX Trading and the FTX Recovery Trust have filed lawsuits against two blockchain firms — NFT Stars and Kurosemi, operating as Delysium.

The cases were submitted on April 28 in the U.S. Bankruptcy Court for the District of Delaware.

FTX Trading and the FTX Recovery Trust have filed lawsuits against two blockchain firms — NFT Stars and Kurosemi, which operates as Delysium. The cases were submitted on April 28 in the U.S. Bankruptcy Court for the District of Delaware.

Both suits stem from earlier investment agreements that Alameda Ventures, the venture capital division of Alameda Research, signed with the companies. At the time, the companies were preparing to launch their native tokens. FTX is now accusing both companies of failing to deliver the crypto tokens as promised.

According to court filings, FTX paid both companies under Simple Agreements for Future Tokens (SAFTs). These are deals where a company pays a firm upfront to receive tokens later, often after a token launch.

In the case of Delysium, FTX says it paid $1 million in January 2022 for the future delivery of 75 million $AGI tokens. The tokens launched in April 2023 and were to unlock gradually over a 12-month period.

However, Delysium allegedly extended the release period from 12 months to 48 months without FTX’s consent. The company also refused to transfer any tokens to FTX. A Delysium representative announced in a recent Discord message that no tokens would be given to FTX because the exchange is bankrupt.

The lawsuit against NFT Stars claims that FTX paid $325,000 in November 2021 for 1.35 million SENATE tokens and 135 million SIDUS tokens. While NFT Stars initially delivered some tokens, it allegedly stopped further transfers after FTX went bankrupt.

The defunct exchange claims that over 831,000 SENATE tokens and 83 million SIDUS tokens, plus interest, remain unpaid. It is also requesting that the companies be held in contempt of court for violating the automatic stay rule. This rule prevents creditors from pursuing claims against a company that is in bankruptcy.

FTX’s Recovery Efforts Continue

The lawsuits are part of FTX’s broader efforts to recover funds after the exchange collapsed in November 2022. At the time, the company was one of the largest cryptocurrency exchanges in the world.

FTX filed for bankruptcy after reports revealed that executives had been misusing customer funds. An estimated $8 billion was transferred to Alameda Research to cover risky bets, leading to major financial losses for investors.

Sam Bankman-Fried, the company’s founder and former CEO, was later convicted of fraud and conspiracy. He is now serving a 25-year prison sentence.

Meanwhile, FTX is working to repay customers through a formal restructuring plan that began earlier this year. The goal is to return a majority of customer funds by the end of 2024.