29 April 2025 — The FTX estate has brought further lawsuits against two blockchain companies for alleged violations of token investment agreements as part of its ongoing effort to recover billions for creditors.
The lawsuits, filed Monday in U.S. Bankruptcy Court in Delaware by FTX Trading and the FTX Recovery Trust, accuse NFT Stars and Kurosemi—operating under the name Delysium—of failing to deliver cryptocurrency tokens owed under investment contracts inked with Alameda Ventures, the former venture capital arm of FTX affiliate Alameda Research.
Simple Agreements for Future Tokens (SAFTs), investment contracts that provide FTX rights to future digital tokens in return for early funding, are at the center of the conflict. In addition to financial damages and penalties for breaking U.S. bankruptcy laws, including the automatic stay clause that prevents some activities during bankruptcy proceedings, the FTX estate is requesting the tokens be transferred immediately.
“We urge token and coin issuers to return assets that rightfully belong to FTX and are willing to initiate litigation barring adequate engagement,” the FTX Estate said in a statement.
The lawsuit is the most recent phase of FTX’s asset recovery efforts following its spectacular collapse in November 2022, which revealed a $8 billion deficit connected to senior officials’ misappropriation of client cash. Investors were devastated and regulatory crackdowns were fueled by the collapse of the once-dominant cryptocurrency exchange. Sam Bankman-Fried, the creator of FTX, was eventually found guilty of fraud and given a 25-year prison term.
In the complaint against Delysium, a blockchain project focused on AI gaming agents, the FTX estate claims Alameda Ventures—now rebranded as Maclaurin Investments—paid $1 million in January 2022 for rights to receive 75 million AGI tokens. The tokens, launched in April 2023, were initially subject to a standard vesting schedule: 20% unlocking after a 12-month cliff, followed by quarterly releases.
However, Delysium allegedly extended the vesting period to 48 months without consent and has refused to distribute any tokens. According to court filings, a representative from the company even stated publicly on Discord that no tokens would be allocated to FTX due to its ongoing bankruptcy.
In a separate case, FTX alleges NFT Stars breached its obligations under a 2021 SAFT agreement. The company purportedly received $325,000 in exchange for 1.35 million SENATE tokens and 135 million SIDUS tokens. While some tokens were delivered, FTX says NFT Stars ceased transfers after its bankruptcy became public, leaving 831,000 SENATE and 83 million SIDUS tokens unaccounted for.
Court documents reveal FTX representatives made repeated attempts to resolve the disputes without legal action—reaching out to NFT Stars 15 times and to Delysium 13 times between June 2023 and September 2024—without any response.
Decrypt has reached out to both companies for comment. As of publication, neither has responded.
