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FTX is suing Crypto.com to recover at least $11.40 million linked to Alameda's account

FTX, which is in the midst of a bankruptcy reorganization, filed a lawsuit seeking to recover at least $11.40 million from the Crypto.com. The money was allegedly held in a Crypto.com account linked to FTX's sister company, Alameda Research. According to the lawsuit documents, the account was registered in the name of Alameda employee Ka Yu Tin, aka Nicole Tin. FTX said the practice was routine for Alameda to disguise its trading activities. FTX claims Alameda actually controlled and funded the account. FTX noted that, despite repeated attempts and court-approved documents, Crypto.com denied access on the grounds that the account holder's name did not match the claimant's. To strengthen its position, FTX submitted sworn testimony from former Alameda CEO Caroline Ellison confirming that the accounts were indeed attributed to Alameda. FTX disclosed Crypto.com affiliates Foris MT and Iron Block also filed claims totaling approximately $18.64 million in bankruptcy proceedings. In light of this, FTX asked the court to delay processing Crypto.com's claims until it returns Alameda assets.