FTX has filed a lawsuit to recover over $50 million in assets allegedly withheld by KuCoin

ChainCatcher news, according to court documents submitted on October 28, FTX has filed a lawsuit seeking to recover over $50 million in assets allegedly withheld by KuCoin.

These assets are held in a KuCoin account of the now-defunct Alameda Research, which filed for Chapter 11 bankruptcy in November 2022.

The FTX lawsuit claims that KuCoin locked access to these unnamed assets shortly after the bankruptcy proceedings began. At that time, the account held assets worth approximately $30 million, preventing the bankruptcy company's management team from accessing these assets. FTX pointed out that KuCoin refused to release these assets, which have now grown in value to over $50 million.