Alameda Research, associated with the bankrupt crypto exchange FTX, is attempting to recover over $11 million from a locked account at Crypto.com. In a recent filing with the US Bankruptcy Court for Delaware, Alameda claims that the account, opened under the name Ka Yu Tin prior to FTX's bankruptcy, was locked by Crypto.com after the Chapter 11 filing in 2022. The firm is seeking a court order to retrieve the assets, asserting that Crypto.com has refused to comply with requests for the funds. The filing included a declaration from former Alameda CEO Caroline Ellison, who stated that the funds belong to Alameda. This complaint is part of broader efforts by entities connected to FTX to reclaim funds held in various exchanges. FTX’s bankruptcy proceedings have been ongoing since November 2022, leaving many creditors uncertain about recoveries, although a judge has indicated that users might be reimbursed up to 119% of their claimed values. Meanwhile, several FTX executives have faced criminal charges and sentences due to their roles in the financial mismanagement at FTX.

Source 🔗