FTX Sues Crypto.com to Recover $11 million Linked to Alameda Account
Bankrupt cryptocurrency exchange FTX has filed a lawsuit seeking to recover at least $11 million in Crypto.com accounts linked to its sister company, Alameda Research. It is reported that after Alameda declared bankruptcy Crypto.com locked its accounts and denied FTX administrators' requests to access funds.
FTX alleges that before filing for bankruptcy, Alameda registered an account on the Crypto.com under the name Ka Yu Tin (aka Nicole Tin). According to the company, this practice is common among Alameda, which often opens accounts under the names of shelf companies or employees to disguise its trading activities. However, FTX alleges that Alameda funds and controls the account. (Cryptoslate)