FTX Goes on the Offensive Over Missing Tokens, Sues Noncompliant Issuers

Key Takeaways

• FTX has filed lawsuits against NFT Stars and Kurosemi (Delysium) for allegedly withholding contractually owed tokens.
• The estate has warned it will pursue legal action against other issuers that fail to cooperate.
• A second wave of creditor repayments is underway, with roughly $16 billion set to be distributed.

FTX is stepping up its asset recovery efforts, going after crypto projects it says are dragging their feet and have gone silent.

With billions still missing, the estate is shifting from negotiation to litigation.

FTX Launches Legal Action Over Missing Tokens

In newly filed complaints , FTX and the FTX Recovery Trust accused NFT Stars Ltd and Kurosemi Inc., the company behind Delysium, of failing to deliver tokens owed under prior agreements.

The suits come as the estate shifts into a more aggressive phase of clawbacks, targeting any assets deemed essential to making creditors whole.

FTX said it had attempted to resolve the disputes out of court but received no meaningful engagement.

With billions still missing, the estate is turning to the courts to recover what it claims is rightfully owed.

“We urge token and coin issuers to return assets that belong to the FTX estate,” the recovery team said in a statement, adding that it will initiate further litigation if needed.

Legal Pressure Mounts

The lawsuits against NFT Stars and Kurosemi are likely just the beginning.

FTX has already contacted other issuers and hinted that additional lawsuits could follow if they don’t cooperate.

Rare Rigel, part of the Mynth NFT team, weighed in on the development, saying the lawsuits reflect “the complexities in the NFT space and the importance of contractual clarity.”

So far, neither NFT Stars nor Kurosemi has publicly responded to the claims.

$16 Billion in Repayments Moving Forward

Alongside its legal campaign, FTX is preparing the second phase of creditor repayments under a reorganization plan approved in late 2024.

The estate says it expects to distribute approximately $16 billion, with 98% of creditors receiving up to 119% of their allowed claim value.

The next round of payments, which will include both customer claims and general unsecured claims, is scheduled for May 30.

Under the plan, smaller creditors in the “Convenience Class” with claims under $50,000 were prioritized and have already begun receiving full repayment with 9% interest.

Institutional and large-scale creditors are expected to receive payments beginning next month.

Since its collapse in November 2022, FTX has recovered between $14.5 billion and $16.3 billion in assets under the direction of restructuring chief John Ray III.