According to court documents, Tai Mo Shan, a cryptocurrency trading subsidiary of Jump Trading, has claimed $264 million in damages from FTX due to Alameda’s failure to deliver 800 million Serum (SRM) tokens in accordance with the loan agreement.
SRM is the native token of the decentralized exchange Serum. Jump Trading announced a major investment in Serum in 2020 and would provide market making services. However, the exchange later collapsed after FTX declared bankruptcy.
Jump Trading pointed out in court documents that the company calculated the US$264 million in damages through an "option model." The calculation factors used included: the SRM market price on the bankruptcy filing date, the repayment option price, The implied volatility of SRM and loan interest rates, etc.
In response, FTX’s lawyers stated that since the loan never started, the claim was invalid, and the terms of the contract did not indicate whether Tai Mo Shan provided any collateral for the loan.
〈Jump Trading claims US$264 million from FTX for not receiving 800 million SRM tokens〉 This article was first published in "Blocker".
