FTX customers file lawsuit to claim assets of the firm
By MYBRANDBOOK
FTX customers have filed a class action lawsuit against the failed crypto exchange and its former top executives including Sam Bankman-Fried, for claiming the company’s holdings of digital assets belong to customers.
According to the lawsuit filed in US Bankruptcy Court, FTX guaranteed to set apart customer accounts and instead allowed them to be misappropriated and therefore customers should be repaid first.
As per the complaint, “Customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda.”
The lawsuit seeks a declaration from the court that funds held in FTX US accounts for US customers and in FTX Trading accounts for non-US customers or other traceable customer assets are not FTX property. The customer class also wants the court to find specifically that property held at Alameda that is traceable to customers is not Alameda property, according to the complaint.
Last month, FTX halted withdrawals and filed for bankruptcy after customers rushed to pull their holdings from what was once the second-largest cryptocurrency exchange after questions surfaced about its finances.
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