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FTX sues Crypto.com to recover $11 million related to Alameda accounts

ChainCatcher news, according to CryptoSlate, based on a document dated November 8, the bankrupt FTX has filed a lawsuit to recover at least $11 million from a Crypto.com account associated with its sister company Alameda Research.FTX claims that before filing for bankruptcy, Alameda registered an account on Crypto.com under the name Ka Yu Tin (also known as Nicole Tin). According to the company, this practice is common within Alameda, which often opens accounts in the names of shell companies or employees to conceal its trading activities. However, FTX claims that Alameda funded and controlled the account.Reportedly, after Alameda declared bankruptcy, Crypto.com locked the account and denied FTX administrators' requests for access to the funds, despite multiple attempts. FTX further claims that Crypto.com's refusal was based on the mismatch between the account holder's name and the name of the person seeking to recover the funds. FTX asserts that it has clarified the complexity of the case to Crypto.com and provided court-approved documents, but reportedly, Crypto.com has still not responded.FTX administrators are currently attempting to make claims through Crypto.com's parent entities Foris MT and Iron Block. These companies have made claims of $18.4 million and $237,800 against FTX, which were held in FTX.com accounts before the exchange's collapse.In light of this, FTX is requesting a delay in processing Crypto.com's claims until the exchange releases the Alameda assets it holds. FTX is also seeking the recovery of assets, legal fees, and other forms of relief.
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