FTX customers filed class action to lay claim to dwindling assets

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FTX customers filed a class action lawsuit against the failed cryptocurrency exchange and its former top executives, including Sam Bankman-Fried, seeking a declaration that the company’s digital asset holdings belong to customers.

The lawsuit is the latest legal attempt to seize FTX’s dwindling assets, which are already being contested by liquidators in the Bahamas and Antigua, as well as the bankruptcy estate of Blockfi, another failed crypto company. According to the lawsuit filed in U.S. Bankruptcy Court in Delaware, FTX promised to segregate customer accounts but instead allowed them to be misappropriated, and thus customers should be repaid first.

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FTX customers filed class action to lay claim to dwindling assets

FTX customers filed a class action lawsuit against the failed cryptocurrency exchange and its former top executives, including Sam Bankman-Fried, seeking a declaration that the company’s digital asset holdings belong to customers.

The lawsuit is the latest legal attempt to seize FTX’s dwindling assets, which are already being contested by liquidators in the Bahamas and Antigua, as well as the bankruptcy estate of Blockfi, another failed crypto company. According to the lawsuit filed in U.S. Bankruptcy Court in Delaware, FTX promised to segregate customer accounts but instead allowed them to be misappropriated, and thus customers should be repaid first.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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