cryptojournalist
Alameda Research, a sister company of FTX, is trying to recover over $11 million locked in a Crypto.com account since FTX’s collapse in 2022.
Filing in Bankruptcy Court
In November, Alameda asked the U.S. Bankruptcy Court to release funds held in a Crypto.com account, arguing the money belongs to FTX’s estate.
How the Account Got Locked
Before FTX’s bankruptcy, Alameda set up the account using the name Ka Yu Tin. After FTX went under, Crypto.com allegedly froze the account and has kept the funds since.
Statement from Caroline Ellison
The filing includes a statement from former Alameda CEO Caroline Ellison, who confirmed the funds are Alameda’s. Ellison is currently serving time for her involvement in the FTX scandal.
Part of a Larger Recovery Plan
This isn’t the only recovery effort. In October, Alameda also filed against KuCoin to retrieve $50 million. A recent plan allows FTX to repay up to 98% of users, based on 2022 asset values.
