FTX Estate Sues NFT Stars and Delysium for Failing to Deliver Tokens Under SAFT
FTX Recovery Trust continues its asset recovery campaign, filing lawsuits against two blockchain projects for failing to comply with token investment agreements prior to the exchange’s bankruptcy.
Delaware, US — February 2025 — FTX Estate, the entity overseeing the recovery of assets from the bankruptcy of cryptocurrency exchange FTX, has filed lawsuits against two blockchain projects, NFT Stars and Delysium (Kurosemi), in the United States Bankruptcy Court in Delaware. The lawsuits allege that the two companies breached their commitments under the Simple Agreement for Future Tokens (SAFT) with Alameda Ventures, FTX’s investment affiliate.
According to court documents, FTX is seeking the return of more than 83 million SIDUS tokens, 831,000 SENATE tokens from NFT Stars, and 75 million AGI tokens from Delysium, along with compensatory and punitive damages for breach of contract and against bankruptcy protection under US federal law.
“We have patiently sought an out-of-court solution to our partnership. However, when our partners refused to perform their obligations, litigation became a necessary step to protect the interests of our creditors,” a representative of FTX Estate said.
Details of the dispute with Delysium
In the lawsuit, FTX said Alameda Ventures (now Maclaurin Investments) invested $1 million in January 2022 in exchange for the right to receive 75 million $AGI tokens from the AI metaverse project Delysium. According to the contract, 20% of the tokens would be unlocked after 12 months, with the rest vesting quarterly. However, Delysium allegedly unilaterally extended the vesting schedule to 48 months and refused to allocate any tokens to FTX, citing the bankruptcy.
Conflict with NFT Stars
FTX said it spent $325,000 in November 2021 to purchase the right to receive 1.35 million SENATE tokens and 135 million SIDUS tokens. NFT Stars allegedly distributed only a portion of the tokens before FTX went bankrupt and stopped trading the remaining tokens, resulting in a debt of more than 831,000 SENATE and 83 million SIDUS. FTX also accused the company of violating the automatic stay in the bankruptcy process, by withholding legal assets.
Asset Recovery Campaign
This is part of a larger campaign by FTX to recover billions of dollars in assets to repay users and creditors after the crypto industry-shattering crash in November 2022. The first payout program has already begun with $1.2 billion in refunds to small creditors, with as much as $16 billion in total to come, according to current administrators.
FTX said it reached out to NFT Stars 15 times and Delysium 13 times between June 2023 and September 2024 without receiving a response, prompting it to take legal action.
Background
Sam Bankman-Fried, the founder of FTX, is currently serving a 25-year prison sentence after being convicted of fraud and conspiracy to misappropriate customer funds. The current executive, John J. Ray III, continues to coordinate the restructuring and asset recovery efforts.
The lawsuit against projects that do not comply with the SAFT commitment is not only a legal step, but also a warning to blockchain companies that have partnered with FTX: withholding tokens or legitimate assets will not be tolerated.
Decrypt and other media outlets have reached out to NFT Stars and Delysium for comment but have not yet received a response.