Amid its bankruptcy process, FTX is actively working to pay its creditors by pursuing assets it claims ownership of. The company has announced that it has resorted to legal action against two token issuers with whom it previously failed to reach a settlement. FTX emphasized that its ultimate goal is the fair distribution of assets and protection of creditors’ interests.
No Agreement Reached with Issuers
FTX has officially filed lawsuits against two token issuers, NFT Stars Limited and KUROSEMI. The company asserts that the assets held by these issuers belong to FTX under contractual obligations. Previous attempts at settlement have reportedly failed, with these companies being unresponsive.
The unsuccessful negotiations with the issuers prompted FTX to take legal action. Company officials indicated that they endeavored to reach an agreement until the last moment but were unable to make any progress. Consequently, the court process became inevitable. The lawsuits aim to ensure the fair execution of the bankruptcy process and the recovery of assets.
Legal and Financial Consulting Engage
During this process, FTX is collaborating with a robust network of legal and financial consultants. The law firm Sullivan & Cromwell is representing the company legally, while Alvarez & Marsal North America is involved in financial planning. Through this partnership, the company aims for maximum asset recovery.
FTX sources report that the process is being handled meticulously, with every strategic move being evaluated in advance. The legal battle may extend beyond the two current lawsuits, potentially leading to new negotiations and additional legal filings. The company’s priority is to systematically collect assets for fair distribution to creditors.
These developments have resonated in the markets. There have been sharp declines in tokens associated with FTX, while Bitcoin 
$111,562 and some major cryptocurrencies experienced slight increases. Experts suggest that FTX’s actions evoke both hope and uncertainty among the investors.
Allegations indicate that the assets in question may have been transferred improperly in the past. The company is reportedly tracking any abnormal transactions identified during this process to gain access to the relevant addresses. In this context, new evidence may emerge during the lawsuit proceedings.
A spokesperson for FTX stated, “We have filed a lawsuit against two issuers we could not reach. Our team is tirelessly working to ensure the highest payments to creditors of FTX House,” emphasizing the determination with which the process is being pursued.
Recent developments highlight the challenges FTX faces in its post-bankruptcy restructuring efforts. The outcomes of the lawsuits are likely to significantly impact both the company’s future and market dynamics.
