The FTX bankruptcy estate is challenging a $264 million claim by Jump Trading's subsidiary, Tai Mo Shan, for an undelivered loan of 800 million Serum (SRM) tokens from Alameda Research. The dispute arose when Alameda failed to deliver the tokens as agreed, leading FTX to argue that the loan never started. This legal battle is crucial in resolving FTX's financial fallout. The loan was intended to support the decentralized exchange Serum, backed by FTX. Despite claims of decentralization, the collapse of FTX revealed control over Serum. Tai Mo Shan seeks damages for the undelivered tokens, while FTX claims the agreement is void due to non-delivery. The court filings suggest potential fraudulent transfers. The dispute involves a significant portion of SRM tokens, with Jump Trading's claim based on market factors. FTX disputes the valuation method and criticizes the lack of documentation. CryptoSlate provides comprehensive crypto news and analysis, focusing on Bitcoin, DeFi, and AI. Read more AI-generated news on: https://app.chaingpt.org/news
Dispute Over Unfulfilled Crypto Loan Sparks Legal Battle
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