FTX Legal Blitz Seeks Millions in Unreturned Tokens from Issuers

FTX has reignited its legal offensive, filing fresh lawsuits against NFT Stars Limited and Kurosemi Inc., the entity behind AI gaming platform Delysium.

According to a court filing in the U.S. Bankruptcy Court in Delaware, the FTX Estate demands the return of tokens bought under clear investment agreements. After over a year of failed outreach attempts, the exchange has turned to the courts, signaling a new chapter in its battle to claw back lost assets.

“FTX today announced that to recover estate assets, FTX has commenced legal action against certain token and coin issuers which own FTX assets and have been unwilling to engage.” the company announced via its official X (formerly Twitter) handle.

FTX alleges that both companies repeatedly ignored over a dozen communications, refusing to comply with prior contractual obligations.

Details of the Agreements Reveal Multi-Million Dollar Breaches

Court documents lay bare the financial skeletons. In January 2022, Alameda Ventures, now Maclaurin Investment, invested $1 million in Delysiums AGI token through a Simple Agreement for Future Tokens (SAFT).

The agreement granted FTX 75 million AGI tokens. However, according to the lawsuit, Delysium moved the goalposts, extending the vesting period to 48 months without consent and then outright refusing token delivery.

On the NFT Stars front, FTX had paid $325,000 for 1.35 million SENATE tokens and 135 million SIDUS tokens. While some tokens were reportedly delivered, the rest were never transferred following FTXs bankruptcy filing.The estate claims over 831,000 SENATE and 83 million SIDUS tokens remain missing, a breach of contract and bankruptcy protections under U.S. law.

A Delysium representative added fuel to the fire by publicly stating in Discord that no tokens would be sent to FTX due to ongoing legal uncertainty. This defiance, now documented in court, has turned what may have been a commercial disagreement into a high-stakes courtroom drama.

Second Round of Repayments Set as Legal Blitz Intensifies

As the lawsuits unfold, FTX is preparing to enter the second phase of its creditor repayment plan. Set for May 30, this round includes Class 5 Customer Entitlement and General Unsecured Claims. To return 119% to 98% of eligible claims, FTXs success in recovering withheld tokens could significantly impact final distributions.

Since its collapse in November 2022, which exposed the mismanagement of over $8 billion in customer funds, FTX has recovered between $14.5 billion and $16.3 billion. The exchanges founder, Sam Bankman-Fried, was convicted and sentenced to 25 years in prison. Under the stewardship of bankruptcy veteran John Ray III, the FTX Estate has clawed back assets and implemented a strategic legal playbook that is now in full effect.

The recovery battle also mirrors a broader push for regulatory reform. In the aftermath, U.S. lawmakers have proposed the PROOF Act to enforce stricter reserve audits for exchanges. As FTX tightens its grip on missing assets, it could set a precedent for crypto bankruptcy recoveries and token accountability.