Attestor, a London-based investment firm, has filed a lawsuit against Lemma Technologies, according to a Bloomberg report on March 18th. The lawsuit comes after Attestor saw a significant increase in the value of its FTX bankruptcy claims.
Attestor was one of the biggest buyers of assets from the collapsed FTX cryptocurrency exchange. In February, they were reported to be the largest claim holder, having purchased at least $400 million worth.
The lawsuit centers around a specific FTX account that Attestor acquired from Lemma Technologies in June 2023 for $58 million. However, with the recent Bitcoin rally, the value of those claims has reportedly more than tripled.
The attestor alleges that Lemma misrepresented the value of the FTX account they sold. The details of the lawsuit haven’t been made public yet, but it appears that the Attestor believes they overpaid for the claims based on the information provided by Lemma.
This lawsuit highlights the ongoing volatility and uncertainty surrounding the FTX bankruptcy. The value of claims can fluctuate significantly depending on the overall health of the crypto market, particularly Bitcoin’s price. The outcome of this lawsuit could have implications for other FTX claim holders and the broader cryptocurrency industry. It remains to be seen how the court will rule and whether it will set a precedent for future disputes arising from the FTX bankruptcy.
