Token

Serum

Million

<ul>
 <li>FTX disputes the $264 million claim by Jump Trading over SRM tokens.</li>
 <li>Allegations include non-delivery and questionable damages calculation methodology.</li>
</ul>
The FTX bankruptcy estate is disputing a $264 million claim by Tai Mo Shan, a subsidiary of Jump Trading, related to a loan agreement with Alameda Research involving 800 million Serum (SRM) tokens. SRM served as the cryptocurrency for Serum, a decentralized <a href="https://thenewscrypto.com/kazakhstan-approves-toncoin-for-trading-on-regulated-exchanges/" rel="noopener noreferrer nofollow">exchange</a> once affiliated with FTX, which collapsed following FTX’s bankruptcy in 2022.
Jump Trading asserts damages based on an options model, factoring in <a href="https://thenewscrypto.com/sbf-family-face-100m-political-donation-controversy-linked-to-ftx/" rel="noopener noreferrer nofollow">SRM</a>‘s market price during the bankruptcy filing, implied volatility, and other financial metrics. However, FTX’s legal team argues that Alameda Research never fulfilled the loan agreement by delivering the SRM tokens. Thereby invalidating Tai Mo Shan’s claim.&nbsp;
And, they contend that since the loan did not commence due to non-delivery, Tai Mo Shan lacks grounds to seek damages under the agreement.
<h3 class="wp-block-heading" id="h-questioning-jump-trading">Questioning Jump Trading</h3>
FTX further challenges the validity of the $264 million damages calculation, describing it as unsupported and vague. It questioned the methodology of <a href="https://x.com/Jumptrading" rel="noopener noreferrer nofollow">Jump Trading</a>‘s options model. They also suggest Tai Mo Shan may have engaged in potentially fraudulent transfers, complicating the claim further.
Amidst these legal disputes, FTX is focused on finalizing a liquidation plan to compensate exchange customers, with creditor voting ongoing. And a plan approval targeted for October. The outcome of these proceedings will likely shape the resolution of financial claims against FTX and its affiliated entities.
Highlighted News Of The Day
<a href="https://thenewscrypto.com/animoca-brands-launches-moca-token-on-moca-network/" rel="noopener noreferrer nofollow">Animoca Brands Launches MOCA Token on Moca Network</a>

FTX Disputes Jump Trading’s $264 Million Claim Over SRM Tokens

Table of Contents

TheNewsCrypto

Other articles published on Jul 11, 2024

Huge BitMEX Outflows Can Ignite Bitcoin Bulls

Texas Jury Acquits Marathon Digital Plant Manager of Noise Charges in Bitcoin Mining Case

Early Birds Hooked By MOONHOP’s Adorable Roadmap; FLOKI Potential & 5thScape’s Presale Slump Befo...

Bitcoin ETFs Launch Boosts Market Activity

Pudgy Penguins and Unstoppable Domains Team Up, Promise to Create Advanced Innovation

Crypto Fear and Greed Index Plummets to Record Low Since January 2023

Join our free newsletter for daily crypto updates!