Fun

Top FTX claim holder Attestor sues seller amid Bitcoin rally

News Feed - 2024-03-18 06:03:30

Helen Partz14 hours agoTop FTX claim holder Attestor sues seller amid Bitcoin rallyLondon-based Attestor has filed a lawsuit against FTX claims seller Lemma after making a 200% profit on the purchased FTX claims stash.12265 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe collapse of the FTX exchange continues to play out in the bankruptcy claims market, with Attestor Capital, a top FTX claim holder, filing a lawsuit against one claim seller.


Attestor is a London-based hedge fund focusing on distressed assets and private equity. The firm has emerged as one of the biggest buyers of FTX’s bankruptcy assets alongside Silver Point Capital and Diameter Capital Partners.


As of February, Attestor was the largest FTX claims buyer, purchasing at least $400 million worth of claims, according to the Claims Market data.Cumulative holdings of top six FTX claims holders. Source: Claims Market by Cherokee Acquisition


After making a 200% profit on its FTX claims stash, Attestor filed a lawsuit against Lemma Technologies, the seller of one of the biggest FTX accounts that it purchased, Bloomberg reported on March 18.


According to Attestor, Lemma agreed to sell FTX claims to the company at the price of $58 million in June 2023. The company then backed off from the deal amid soaring cryptocurrency prices, with Bitcoin (BTC) surging nearly 130% over the past year at the time of writing.


Panama-based Lemma eventually decided to keep the claim for itself, Attestor reportedly said in the lawsuit, alleging that that was a clear case of “seller’s remorse.”


According to Bloomberg, Lemma has not publicly explained its side of the case and hasn’t filed a defense against Attestor’s New York suit.


Lemma won’t “proceed with the transactions or otherwise honor the trade confirmations,” Attestor lawyers said in their filing, “unless compelled by force of law to do so.”


Cointelegraph reached out to Attestor and Lemma for a comment regarding the lawsuit but had yet to receive a response at the time of publication.


Related:FTX issues warning on authorized bids and asset sales


While Lemma is facing a new lawsuit in New York, one of its key people has also faced legal issues in South Korea.


Lemma’s principal investor, Junho Bang, is accused of stealing digital assets from the collapsed crypto lending firm Haru Invest and was reportedly indicted by South Korean authorities after being arrested in January.


As Cointelegraph previously reported, Haru Invest ran a cryptocurrency yield platform, promising investors 12% yearly on cryptocurrency deposits. The platform abruptly suspended withdrawals in June 2023, citing issues with service partners.


South Korean prosecutors subsequently arrested Haru Invest’s CEO and two other executives for stealing $830 million from thousands of customers.


Magazine:China will intensify Bitcoin bull run, $1M by 2028: Bitcoin Man, X Hall of Flame# Bitcoin# Law# Bankruptcy# Court# FTX# RegulationAdd reactionAdd reactionRead moreSEC hit with sanctions for its ‘gross abuse of power’ in Debt Box caseOKX reportedly delists USDT pairs in EuropeCrypto-focused lawmaker wants to lead House Financial Services Committee in 2025

News Feed

Anchor Nips at Aave’s Heels as Defi Protocol Becomes Second-Largest Lending Application
Anchor Nips at Aave"s Heels as Defi Protocol Becomes Second-Largest Lending Application While the decentralized finance (defi) platform Anchor Protocol’s native digital asse
Brazilian Fintech Company Capitual Partners With Azimut to Offer Crypto Services in European Markets
Brazilian Fintech Company Capitual Partners With Azimut to Offer Crypto Services in European Markets Capitual, a Brazilian fintech company that offers cryptocurrency intermediation
Crypto-friendly Switzerland Outclasses U.S. as Facebook Libra’s Regulator
Switzerland crypto laws have appealed to blockchain enthusiasts for years. Facebook’s head of blockchain, David Marcus, is no exception. He released a statement announcing that he expects the new coin to be govern
Billionaire Ray Dalio Sees Limitation on Bitcoin’s Price, Doubts BTC Can Reach $1 Million
Billionaire Ray Dalio Sees Limitation on Bitcoin"s Price, Doubts BTC Can Reach $1 Million Billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater A
China to Launch ‘Digital Asset Trading Platform,’ Media Report Unveils
China to Launch ‘Digital Asset Trading Platform,’ Media Report Unveils A marketplace for digital assets is soon going to open in China under a public-private partnership, local
Report: Crypto Exchange Binance in New Partnership that Seeks to Deepen Crypto Adoption in Africa
Report: Crypto Exchange Binance in New Partnership that Seeks to Deepen Crypto Adoption in Africa In what has been described as a collaboration that will deepen crypto adoption, th
Smart Marketing Token (SMT) Is on a Mission to Help Blockchain Projects Reach Their Goals
Smart Marketing Token (SMT) Is on a Mission to Help Blockchain Projects Reach Their Goals sponsored Blockchain developers can find it very daunting to attract an audience these days
SEC Has No Authority Over Pure Commodities Like Crypto Assets, Says CFTC Commissioner
SEC Has No Authority Over Pure Commodities Like Crypto Assets, Says CFTC Commissioner Both the U.S. Securities and Exchange Commission (SEC) and the Commodity Fu
Ray Salmond6 hours agoHow will Bitcoin halving affect BTC price, and is DeFi dead?Blockware Solutions account executive David Gamble told Market Talks host Ray Salmond that the crypto market will hit a $10 trillion marke
Crypto miners stole $723M of electricity in Malaysia since 2018: Report
Brayden Lindrea8 hours agoCrypto miners stole $723M of electricity in Malaysia since 2018: ReportMalaysia’s Deputy Minister of Energy Transition and Water Transformation revealed the number during an event where they d
Fed Chair Jerome Powell Updates Work on Digital Dollar — Says US Central Bank Digital Currency Will Take ‘at Least a Couple of Years’
Fed Chair Jerome Powell Updates Work on Digital Dollar — Says US Central Bank Digital Currency Will Take "at Least a Couple of Years" Federal Reserve Chairman Jerome Powell says
Elektra Group President Ricardo Salinas Hints at Inclusion of Lightning Network Payments in Mexico
Elektra Group President Ricardo Salinas Hints at Inclusion of Lightning Network Payments in Mexico Ricardo Salinas, president of Elektra Group, one of the biggest retail franchises