FTX, a bankrupt company, is trying to get back $11 million that was held in a Crypto.com account linked to its sister company, Alameda Research. FTX says that before filing for bankruptcy, Alameda had an account at Crypto.com under the name Ka Yu Tin. They claim that this was a common practice for Alameda, which often opened accounts under fake names to hide its trading activities.
But FTX says that Alameda controlled the account in question. After Alameda went bankrupt, Crypto.com locked the account and refused to give FTX access to the money. FTX claims that Crypto.com is doing this because the names on the account and the names of the people trying to get the money don’t match.
FTX has provided court-approved documents to explain the situation, but Crypto.com still won’t give them the money. FTX submitted an affidavit from Caroline Ellison, the former CEO of Alameda Research, who stated that the Crypto.com accounts were indeed under Alameda affiliates or associated individuals.
FTX is now trying to get the money back by making claims against companies linked to Crypto.com’s parent companies, Foris MT and Iron Block. These companies have filed claims against the failed exchange for $18.4 million and $237,800, which were held in FTX.com accounts before the exchange’s collapse.
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