FTX Takes Token Issuers to Court: A New Strategy in the Pursuit of Assets
Lawsuits Filed by FTX Against Notable NFT Personalities and Delysium for Failed Token Deliveries
FTX has escalated its asset recovery efforts, filing lawsuits against token issuers NFT Stars and Kurosemi (operating as Delysium) in the U.S. Bankruptcy Court in Delaware. The suits aim to compel these companies to return tokens that FTX claims were promised under investment agreements but remain unfulfilled.
Declaring War on Missing Assets
The lawsuits against NFT Stars and Kurosemi seek the return of 83 million SIDUS, 831,000 SENATE, and 75 million AGI tokens, in addition to damages. FTX has stressed that it will pursue legal action against any token issuers that do not voluntarily return assets owed to the exchange.
A Rocky Road to Litigation
In the case against NFT Stars, FTX alleges that the company failed to deliver promised tokens following a $325,000 payment in November 2021. Meanwhile, Delysium is accused of not transferring 75 million AGI tokens promised after a $1 million payment in January 2022. Despite multiple attempts to settle disputes outside of court, FTX claims neither company responded to contact attempts.
Another Bump in the Recovery Road
The litigation marks another hurdle in FTX's bid to recover assets and repay creditors after it collapsed in November 2022. Following the court's approval, FTX began distributing recovered funds to approved claimants in February 2025. A second round of payments is scheduled for May 30, targeting Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and additional Convenience Claims.
A Warning to the Token Issuers
The legal action against NFT Stars and Kurosemi underlines FTX's commitment to recovering lost assets, with the exchange threatening further litigation for non-compliant token issuers. The bankruptcy estate's efforts continue under new management as it works through its restructuring plan.
In a recent development, Three Arrows Capital increased its claim against FTX from $120 million to $1.5 billion, following the discovery of extensive dealings between the two entities.
A Battle on Multiple Fronts
FTX's legal battles are a reflection of the broader challenges facing the cryptocurrency industry, where the lines between investments, loans, and trading can blur. The ongoing litigation serves as a reminder for token issuers to honor their commitments and for exchanges to carefully manage their assets and relationships.
For those interested, FTX's claims against NFT Stars and Kurosemi involve allegations of breached contractual agreements. The former is accused of failing to deliver promised tokens after receiving a payment, while the latter allegedly refused to transfer promised tokens after extending the vesting schedule unilaterally. These suits underscore FTX's efforts to recover assets that the company believes rightfully belong to it.
- FTX is pursuing lawsuits against NFT Stars and Kurosemi in the U.S. Bankruptcy Court in Delaware, aiming to compel these companies to return promised tokens that remain unfulfilled.
- The lawsuits against NFT Stars and Kurosemi seek the return of specific tokens, including 83 million SIDUS, 831,000 SENATE, and 75 million AGI tokens, along with damages.
- FTX has highlighted its intention to take legal action against any token issuers who do not voluntarily return assets owed to the exchange.
- The litigation against NFT Stars and Kurosemi is another obstacle in FTX's asset recovery efforts, as it seeks to repay creditors following its collapse in November 2022.
