CandleFocus Bankrupt FTX targets Crypto.com in $11 million lawsuit amid recovery effort
2024-11-08
Author: Content Editor
Crypto exchange FTX, which recently filed for bankruptcy, has filed a lawsuit to recover $11 million held in a Crypto.com account linked to its sister company, Alameda Research. FTX alleges that Alameda funded and controlled the account but after Alameda declared bankruptcy, Crypto.com locked the account and denied FTX's requests to access the funds. FTX claims that Crypto.com's refusal is based on a mismatch between the account holder's name and those seeking to recover the funds. FTX is now attempting to leverage claims from companies affiliated with Crypto.com's parent entities to recover the assets.
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