A new chapter of the FTX collapse saga has been written with Attestor Capital, a hedge fund manager based in London, launching a legal battle against Lemma Technologies over a claim sale.
The dispute originated in June 2023, when Attestor agreed to buy an FTX claim from Lemma Technologies for $58 million.
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However, as cryptocurrency values, particularly Bitcoin (BTC), experienced a dramatic upsurge of nearly 130% over the past year, Lemma Technologies reconsidered the deal, opting to retain the claim for itself.
Attestor has interpreted this move as a case of "seller's remorse" and has taken the matter to court, alleging that Lemma's withdrawal from the agreement constitutes a breach of contract.
Attestor's legal team has been adamant in their filings, stating that Lemma has refused to proceed with the transaction or acknowledge the trade confirmations, leaving Attestor with no choice but to seek legal recourse to enforce the agreement.
Lemma Technologies has remained silent on the issue, offering no public explanation or defense against the lawsuit.
Attestor Capital has positioned itself as a leading figure in the acquisition of FTX's bankruptcy claims, with investments reportedly reaching $400 million in claims, according to data from the Claims Market.
Attestor's strategy has not only made it a key stakeholder in the aftermath of FTX's demise but has alsoled to substantial profits, with the fund realizing a 200% return on its investments in the bankrupt exchange's claims.
This lawsuit not only underscores the challenges facing investors in the aftermath of major exchange collapses like FTX but also reflects the broader implications of crypto price fluctuations on financial agreements and investments.
In other FTX-related news, Pantera Capital is raising money for the Pantera Solana Fund to buy $250 million worth of discounted SOL tokens from FTX's estate.
