FTX Is Suing Altcoin Companies for This Reason: There Is an Explanation! - Coin Bulletin

The crypto exchange FTX announced that it has filed a lawsuit against token and coin issuers that hold assets but are unwilling to cooperate, and that it will expedite legal proceedings against those who do not take necessary steps.

In November 2022, a significant move came from FTX, which went bankrupt and then made intense efforts to recover its assets. The exchange management announced that it had filed a lawsuit against token issuers who hold its assets and have rejected cooperation offers. Among the first targeted companies were NFT Stars Limited and the developer of the Delysium project, KUROSEMI INC.

According to FTX's statement, NFT Stars Limited and KUROSEMI INC. are insisting on not providing the tokens that are required to be delivered under the contract. In response, the company announced that it has filed an official complaint against these two firms in the Delaware state court. Additionally, it was reported that other issuers have been contacted, but legal proceedings will continue against parties who do not respond to requests or return assets.

FTX's steps signal that other token projects will also be scrutinized and that companies causing issues in asset delivery may similarly appear in courtrooms. The effects of this development on the token projects in the market regarding their agreements with FTX are eagerly being monitored.

The decisive steps taken by FTX to increase their efforts to recover assets in recent months indicate that legal battles in the crypto market will gain a new dimension.