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FTX, the crypto exchange that went bankrupt, has filed a lawsuit against NFT Stars, an Ethereum blockchain-based digital non-fungible token marketplace, and Kurusemi (Delysium), a renowned blockchain company. The crypto exchange seeks to recover funds from the two companies after they failed to deliver all the digital tokens, like cryptocurrencies or NFTs, that FTX had paid for. FTX Perseus NFT Stars And Kurosemi In a press release published earlier this week, the FTX Recovery Trust confirmed that it filed a lawsuit on Monday against NFT Stars NFT marketplace and Kurosemi, which does business as Delysium, alleging the two companies failed to deliver crypto tokens promised under investment agreements with Alameda Research’s venture arm, Alameda Venture. In the FTX, Alameda Research acted as FTX’s main market maker. It played a significant role in the growth of FTX. FTX Seeks to Recover $1.8mm in AGI tokens, $88k in SIDUS tokens, and $8.8k in SENATE tokens Of all the thin...

Bankrupt crypto exchange FTX has sued rival Binance and its former chief Changpeng Zhao to recover $1.8 billion worth of shares that it says were wrongfully repurchased by Sam Bankman-Fried back in 2021. In 2019, Zhao purchased a 20% share in FTX for $80 million. Under the leadership of Bankman-Fried, FTX repurchased the shares in July 2021 for $2.2 billion. Bankman-Fried claimed at the time that the repurchase “just makes sense.” He told Decrypt that he and Zhao “had been expecting it would go in that direction for a little while, and now seems like a decent time to just go ahead and get it done. “And obviously they did quite well on the investment as well, so I certainly think it’s been a win for them.” However, in a complaint filed on Sunday in Delaware bankruptcy court, FTX claimed that because FTX and its trading firm Alameda Research were “balance-sheet insolvent by early 2021,” the deal was fraudulent (via Bloomber...

Artificial intelligence (AI) company Character.AI and its technology have been called “dangerous and untested” in a lawsuit brought by the parents of a young user who reportedly took his own life after becoming obsessed with one of its lifelike A.I. chatbots. Fourteen-year-old Sewell Setzer III had reportedly spent months using the role-playing app that allows users to create and engage in in-depth real-time conversations with their own AI creations. Specifically, Sewell had been talking to “Dany,” a bot named after a character from Game of Thrones, and had, according to his family, formed a strong attachment to the bot. They also say he withdrew from his regular life, and became increasingly isolated in the weeks leading up to his death. During this time, he also exchanged a number of strange and increasingly eerie messages with the bot, including telling it he felt “empty and exhausted” and “hated” himself, and “Dany” asking him to “ please come home .” Image of one of Sewell...

Plaintiffs in a new class-action suit against the hacked crypto wallet Atomic Wallet say the firm didn’t share any information about the hack with clients and didn’t report it to the police. A group of disgruntled crypto currency investors have launched a class action against Atomic Wallet, which suffered a major breach and $100 million in losses in June. Dozens of high-net worth investors from Russia and the Commonwealth of Independent States are part of the class action against Atomic Wallet, the German business media agency BNE IntelliNews reported on Aug. 21. The lawsuit is being coordinated by German lawyer Max Gutbrod and Boris Feldman, a co-founder of Moscow legaltech firm Destra Legal. Gutbrod, former partner of over two decades at Baker & McKenzie in Moscow, reportedly claimed that the lawyers are representing about 50 clients who lost a total of $12 million in the aftermath of Atomic Wallet’s breach two months ago. He said: “We are working on recovering the assets for ...

Ripple defends XRP‘s status after the SEC’s interlocutory appeal, highlighting a pivotal July 13 ruling and asserting their regulatory stance. The legal battle between Ripple and the US Securities and Exchange Commission (SEC) intensifies, with the latest developments stemming from the regulator’s recent interlocutory appeal request. On July 13, Ripple achieved partial success in a summary decision. However, unsatisfied with the verdict, the SEC is now seeking an interlocutory appeal. This type of appeal challenges a court’s decision before the case’s conclusion. You might also like: Ripple clarifies six misconceptions about the SEC lawsuit Responding to this, Ripple’s legal team, led by chief legal officer Stuart Aldetory, filed objections with Judge Analisa Torres. Aldetory emphasized that there aren’t any extraordinary circumstances justifying an early appeal, pointing to the standard procedure requiring resolving all issues b...