The aftermath of FTX exchange's collapse unfolds further in the arena of bankruptcy claims, as prominent FTX claims holder Atestor Capital initiates legal action against a claims seller. Atestor, a London-based hedge fund specializing in distressed assets and private equity, has become one of the primary purchasers of FTX's bankrupt assets, alongside Silver Point Capital and Diameter Capital Partners.
By February, Atestor had emerged as the largest buyer of FTX claims, having acquired claims valued at a minimum of $400 million, based on claims market data. Bloomberg reported on March 18 that Atestor filed a lawsuit against Lemma Technologies, the seller of one of the significant FTX accounts it acquired, after realizing a 200% profit from FTX claims.
According to Atestor, Lemma Technologies had initially agreed to sell the FTX interest to the hedge fund for $58 million in June 2023. However, as cryptocurrency prices surged – with Bitcoin alone experiencing a nearly 130% increase from the previous year – Lemma withdrew from the deal, citing what Atestor claims to be "seller's remorse."
Although Lemma has not publicly articulated its stance on the matter or responded to Attestor's lawsuit in New York, the situation remains unresolved. Attestor's legal representatives stated in the filing that Lemma had indicated its unwillingness to proceed with transactions or honor transaction confirmations unless legally compelled to do so.
While Lemma confronts legal action in New York, one of its prominent figures faces legal challenges in South Korea. Junho Bang, a lead investor in Lemma, stands accused of embezzling digital assets from the collapsed cryptocurrency lending firm Haru Invest. Bang's indictment by South Korean authorities follows his arrest in January in connection with the alleged embezzlement.
Haru Invest, known for its cryptocurrency yield platform offering investors a 12% annual return on cryptocurrency deposits, suspended withdrawals abruptly in June 2023, citing service partner issues. Subsequently, South Korean prosecutors arrested Haru Invest's CEO and two other executives on charges of misappropriating $830 million from thousands of customers.
