TLDR
- FTX has filed lawsuits against NFT Stars Limited and Kurosemi Inc. (Delysium) for failing to deliver tokens as per investment agreements
- FTX is pursuing legal action after failed non-litigation negotiations with both companies
- The exchange warns of more lawsuits against uncooperative token issuers as part of their asset recovery strategy
- FTX began its initial fund distribution to creditors in February 2025, with a second round planned for May 2025
- The lawsuits seek return of over 83 million SIDUS, 831,000 SENATE, and 75 million AGI tokens, plus damages for breach of contract
FTX, the bankrupt cryptocurrency exchange, has intensified its asset recovery efforts by filing lawsuits against NFT Stars Limited and Kurosemi Inc., the operator of the Delysium platform. The legal actions aim to recover tokens that FTX claims were purchased through investment agreements but never delivered.
The complaints were filed in U.S. Bankruptcy Court in Delaware. FTX attempted to resolve the disputes through non-litigation negotiations multiple times before taking legal action, according to a press release from the exchange.
The lawsuits seek the return of over 83 million SIDUS tokens and 831,000 SENATE tokens from NFT Stars, and 75 million AGI tokens from Kurosemi’s Delysium platform. FTX is also seeking damages for breach of contract and sanctions for alleged violations of bankruptcy protections.
Failed Negotiations and Contract Breaches
According to court documents, FTX made repeated attempts to contact both companies before filing lawsuits. The exchange claims it reached out to NFT Stars 15 times and Delysium 13 times between June 2023 and September 2024, without receiving adequate responses.
In the case of NFT Stars, FTX alleges it paid $325,000 in November 2021 for rights to 1.35 million SENATE tokens and 135 million SIDUS tokens. While NFT Stars initially delivered some tokens, it allegedly stopped transfers after FTX filed for bankruptcy in November 2022.
For Delysium, an AI agent blockchain project, FTX claims Alameda Ventures (now known as Maclaurin Investment) paid $1 million in January 2022 for the right to receive 75 million AGI tokens. The tokens launched in April 2023 with a vesting schedule, but Delysium allegedly extended the schedule unilaterally and refused to transfer any tokens.
A Delysium representative reportedly stated in a public Discord message that they would not allocate tokens to FTX due to the bankruptcy proceedings.
Broader Recovery Strategy
These lawsuits are part of FTX’s broader strategy to recover assets following its collapse in November 2022. The exchange filed for bankruptcy after revelations that around $8 billion in customer funds had been misused to cover risky bets made by FTX’s affiliated trading firm, Alameda Research.
The FTX Estate issued a stern warning to other token issuers who may be withholding assets. “We urge token and coin issuers to return assets that rightfully belong to FTX, and are willing to initiate litigation barring adequate engagement,” the statement read.
The exchange revealed it is engaging with several other token issuers and plans to file more lawsuits against those who fail to cooperate. This approach shows FTX’s determination to maximize recoveries for its estate and return funds to creditors.
Creditor Repayment Plan
FTX has already begun the process of repaying its creditors. On February 18, 2025, the exchange started its initial distributions of recovered funds to holders of approved claims in FTX’s Convenience Class.
The next distribution is scheduled to begin on May 30, 2025, with a record date of April 11. This second round of payments will include Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and additional Convenience Claims approved since the initial record date.
Last month, FTX faced a setback when Three Arrows Capital’s (3AC) claim was raised from $120 million to $1.5 billion. The amendment followed new findings about 3AC’s extensive dealings with FTX and was approved despite objections from FTX.
The collapse of FTX has prompted regulatory responses. Earlier this month, U.S. Senators proposed the PROOF Act, which mandates that crypto exchanges keep customer funds separate from institutional assets and submit monthly “Proof of Reserves” audits conducted by neutral third-party firms.
Sam Bankman-Fried, the founder and former CEO of FTX, was convicted of fraud and conspiracy charges and sentenced to 25 years in prison. The company’s bankruptcy and restructuring process continues as it works to repay creditors through various means, including these recent legal actions to recover tokens.
As of April 29, 2025, these lawsuits represent the latest steps in FTX’s ongoing efforts to recover assets for its creditors, with the exchange showing a clear willingness to pursue legal action when other approaches fail.
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