2 months ago
The FTX bankruptcy property is contesting a $264 cardinal assertion made by Jump Trading’s subsidiary, Tai Mo Shan, regarding an undelivered indebtedness of 800 cardinal Serum (SRM) tokens from Alameda Research.
Alameda Research failed to present the 800 cardinal SRM tokens arsenic stipulated successful the indebtedness agreement. This nonaccomplishment is cardinal to the dispute, arsenic FTX lawyers reason that the indebtedness ne'er commenced due to the fact that the tokens were not delivered.
The ineligible conflict is simply a important improvement successful the ongoing efforts to resolve the fiscal fallout from FTX’s collapse.
Serum loan
The quality centers astir a indebtedness statement involving Alameda Research, which was expected to present 800 cardinal Serum (SRM) tokens to Jump Trading’s subsidiary, Tai Mo Shan.
This statement was portion of a larger strategy to enactment the decentralized speech (DEX) Serum, which was heavy backed by FTX. Jump Trading made a important concern successful Serum successful the autumn of 2020, offering market-making services.
However, the DEX collapsed pursuing FTX’s bankruptcy successful November 2022, revealing that contempt its decentralized claims, it was efficaciously controlled by the defunct exchange. The indebtedness was slated to commence successful 2023 and ne'er materialized owed to FTX’s collapse.
Tai Mo Shan asserts that the firm’s nonaccomplishment to present these tokens warrants $264 cardinal successful damages, which the speech is liable for. However, FTX lawyers antagonistic that since Alameda did not present the SRM tokens, the indebtedness statement is void nether the Master Loan Agreement, which allows for nullification if a indebtedness does not commence.
According to FTX’s ineligible team:
“It is undisputed that Alameda failed to present the cryptocurrency contemplated by the Loan Confirmation to the Master Loan Agreement. The loan, therefore, did not commence.”
FTX’s ineligible squad besides suggested that the presumption of the indebtedness agreement, which progressive providing 800 cardinal SRM tokens without immoderate interest oregon interest, could connote fraudulent transfers. They bespeak that further find whitethorn uncover much astir these imaginable fraudulent transfers.
The tribunal filings state:
“For the reasons stated present and much pursuing discovery, Tai Mo Shan whitethorn beryllium liable to the Debtors for fraudulent transfers.”
Circulating proviso little than loan
The 800 cardinal SRM tokens successful question correspond astir 80% of the full SRM supply, importantly much than the 372.7 cardinal presently successful circulation.
SRM was 1 of the salient tokens backed by FTX and Alameda Research. It peaked astatine conscionable implicit $12.50 successful September 2021, with a trading measurement of $1.2 billion. As of property time, SRM is worthy astir 3 cents.
Jump Trading’s assertion for $264 cardinal successful damages is based connected an options exemplary that considers the marketplace terms of SRM astatine the clip of the bankruptcy filing, the repayment enactment price, SRM’s implied volatility, and the loan’s involvement rate.
FTX lawyers challenged the valuation and said it was “wholly unsupportable.” They criticized the options exemplary utilized for calculation arsenic flawed and lacking wide documentation.
The station FTX property disputes Jump Trading’s $264 cardinal assertion implicit unmaterialized Alameda loan appeared archetypal connected CryptoSlate.
English (US) 