According to Foresight News and reported by CryptoSlate, the bankrupt cryptocurrency exchange FTX has filed a lawsuit to recover at least $11 million from a Crypto.com account associated with Alameda Research. FTX claims that before filing for bankruptcy, Alameda registered an account on Crypto.com under the name Ka Yu Tin (also known as Nicole Tin). The company often opened accounts in the name of shell companies or employees to disguise its trading activities, with Alameda providing funding and controlling the account. After Alameda declared bankruptcy, Crypto.com locked the account and denied FTX administrators access to the funds, despite multiple attempts.
FTX stated that Crypto.com's refusal was based on the mismatch between the name of the account holder and the name of the person seeking to recover the funds. FTX claims that it has clarified the complexity of the case to Crypto.com and provided court-approved documents, but reports indicate that Crypto.com has still not responded.