Key Takeaways
- FTX claims it paid NFT Stars Limited $325,000 in November 2021 in exchange for 1.35 million SENATE tokens and 135 million SIDUS tokens
- FTX’s legal and recovery teams say they made 15 separate outreach attempts to NFT Stars and 13 to Kurosemi between mid-2023 and late 2024.
FTX Trading and the FTX Recovery Trust has launched legal action against two token issuers—NFT Stars Limited and Kurosemi Inc.—accusing them of failing to deliver millions of digital tokens promised in earlier agreements.
According to court filings and public statements, FTX claims it paid NFT Stars Limited $325,000 in November 2021 in exchange for 1.35 million SENATE tokens and 135 million SIDUS tokens. While a portion of the tokens was initially delivered, the estate alleges that NFT Stars withheld the remaining amounts—roughly 831,000 SENATE and 83 million SIDUS—after FTX filed for bankruptcy in November 2022.
In a parallel case, the estate is also pursuing Kurosemi Inc., the company behind the gaming project Delysium. The complaint stems from a January 2022 transaction in which FTX’s trading arm, Alameda Research, allegedly paid $1 million to acquire 75 million AGI tokens.
These tokens were subject to a vesting schedule starting in April 2023, with an initial 20% expected to unlock after 12 months. FTX claims that Kurosemi failed to comply with the agreed terms.
FTX’s legal and recovery teams say they made 15 separate outreach attempts to NFT Stars and 13 to Kurosemi between mid-2023 and late 2024. With no meaningful engagement from either party, FTX is now turning to the courts. However, the FTX says it remains open to dialogue and is encouraging other token issuers with outstanding obligations to come forward voluntarily.
These latest suits add to a growing list of actions by the FTX Estate aimed at recovering customer and creditor funds. The estate has already taken legal steps against former executives, venture partners, and public figures who allegedly received funds prior to the exchange’s collapse.
The lawsuits come at a time when the estate is preparing to begin its second round of creditor repayments. Under a plan approved by the bankruptcy court in October 2024, FTX aims to repay 98% of customers and unsecured creditors at 119% of their claim values. Distributions are scheduled to start on May 30.
The estate has warned that more lawsuits may follow. Legal teams are actively identifying other coin and token issuers who failed to fulfill obligations or return assets post-bankruptcy.
FTX filed for Chapter 11 protection in November 2022 after founder Sam Bankman-Fried was found to have misused approximately $8 billion in customer funds.
