Bankrupt crypto exchange FTX, on April 28, filed lawsuits in Delaware bankruptcy court against NFT Stars and Delysium for allegedly withholding tokens. FTX claims both firms failed to deliver tokens despite repeated attempts to resolve the matter.
FTX's lawsuit against Delysium claims Alameda Research paid $1 million in January 2022 for 75 million AGI tokens. The token launch was in April 2023, with 20% of Alameda's tokens unlocking after 12 months, but the vesting schedule was halted due to FTX's November 2022 bankruptcy.
The complaint against NFT Stars alleges FTX paid $325,000 in November 2021 for 1.35 million SENATE and 135 million SIDUS tokens. FTX claims NFT Stars halted delivery of 831,000 SENATE and 83 million SIDUS tokens after a partial delivery, also citing the bankruptcy proceedings.
FTX is seeking the remaining tokens plus damages, arguing they could have been sold for profit at their peak values. AGI hit $0.672 in May 2024 but has since dropped 90% to $0.067, while SENATE and SIDUS have lost 99% of their value since January 2022 peaks.