$FTT 100x is making trouble again!

FTX sues KuCoin to recover $50 million in seized assets

BlockBeats news, October 29, according to court documents filed on October 28, the bankrupt cryptocurrency trading platform FTX has filed a lawsuit to recover more than $50 million in assets allegedly withheld by KuCoin.

These assets are stored in a KuCoin account of the now-defunct Alameda Research, which filed for Chapter 11 bankruptcy in November 2022.

FTX claimed in the lawsuit that KuCoin locked access to these unnamed assets shortly after the bankruptcy proceedings began. At the time, the account held assets worth approximately $30 million, preventing the bankrupt company's management team from accessing them. FTX claims that the value of the locked assets has now grown to more than $50 million.

“Despite further follow-up with KuCoin and its internal and external legal teams, KuCoin continues to refuse to hand over the Debtors’ assets or even meaningfully engage with the Debtors regarding their requests,” FTX said.