The post FTX Sues Crypto.com To Recover $11.4 Million! appeared first on Coinpedia Fintech News
As per the latest updates FTX has sued crypto.com. Notably, Alameda had an account in Crypto.com before the company had filed for bankruptcy. Reportedly, the account was opened under the name of Ka Yu Tin, a former Alameda employee. Claims state that such practice was common in the company as this trading firm used shell companies and employees to open accounts on exchanges to cover its trading strategies. However, it maintains that Alameda funded and had access to the account. Following the company’s bankruptcy, Crypto.com reportedly locked the account and refused to allow FTX or any of its employees to recover the funds despite multiple attempts.