The FTX Recovery Trust has initiated legal proceedings against NFT Stars Limited and KUROSEMI INC. (developer of the Delysium gaming platform) for allegedly failing to honor token delivery agreements, according to an April 28 announcement.
Key Allegations:
- Breach of Contract: The lawsuits, filed in Delaware Bankruptcy Court, claim both companies withheld digital assets owed to the FTX estate despite repeated settlement attempts.
- Recovery Efforts: FTX asserts these tokens are critical to maximizing creditor repayments.
- Public Appeal: The estate urged all token issuers with outstanding obligations to return assets voluntarily.
Broader Bankruptcy Context:
- Repayment Progress: FTX is preparing its second creditor distribution round, set to begin May 30, following court approval of a plan enabling 98% of claimants to recover 119% of their allowed amounts.
- Asset Recovery: Under CEO John Ray III, the estate has reclaimed $14.5–$16.3 billion of the $8 billion misappropriated during Sam Bankman-Fried’s tenure.
Potential Impact:
Successful litigation against NFT Stars and Delysium could further bolster FTX’s repayment reserves as it works to resolve one of crypto’s most complex bankruptcies.
