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FTX and Jump Trading in Legal Dispute: Because of this Altcoin!
Jump Trading subsidiary Tai Mo Shan is seeking $264 million in damages from Alameda Research for a credit agreement that never materialized. FTX lawyers argue that the claim is invalid because the credit never started. The developments revolve around Serum (SRM) tokens.
FTX objected to Jump Trading's compensation claim!
FTX-Alameda bankruptcy trustee, Jump Trading subsidiary Tai Mo Shan objected to Alameda Research's $264 million credit request. In addition, FTX lawyers argued that the request is invalid because they claim that the loan never started. Tai Mo Shan demanded approximately $264 million in compensation for not delivering 800 million Serum (SRM) tokens from a credit agreement extending until August 2020 with Alameda Research. SRM is the native token of Serum, a decentralized exchange supported by FTX, which collapsed in 2022.
According to court documents, Jump Trading said it calculated the damages based on an option model that used SRM's market price at the time of the bankruptcy filing, the token's implied volatility, the option price for repayment, and other factors. The bankrupt exchange's lawyers asked the court to reject the request, saying that the credit was never delivered by Alameda Research. FTX lawyers highlighted the following points in the court file:
Jump Trading's claims and objections
Lawyers also objected to Jump Trading's $264 million loss estimate on the grounds that it was "unfounded," arguing that Tai Mo Shan's loss calculation was "completely unsupported." They claimed that Jump's calculation using an "option model" was ambiguous and did not clearly explain how the loss amount was reached.
In addition, in FTX's application, it was argued that there must be another factor to reject the claims of FTX lawyers, alleging that Tai Mo Shan could be responsible for fraudulent transfers, including the so-called loan in question here, which also included some structural fraudulent transfers.
FTX creditors are voting on the liquidation plan!
Meanwhile, as you follow on Kriptokoin.com, FTX creditors have started voting on a liquidation plan that provides for compensation to exchange customers. Creditors have until August 16 to cast their votes. The exchange aims to receive final approval for the liquidation plan in October of this year.
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