FTX sues Crypto.com for recovery of $11 million related to Alameda account

According to CryptoSlate, according to documents released on November 8th, the bankrupt FTX has filed a lawsuit to recover at least $11 million from its sister company Alameda's (Crypto.com) account, which is associated with Research. FTX claims that before filing for bankruptcy, Alameda registered an account on (Crypto. com) with the name Ka Yu Tin (also known as Nicole Tin). According to the company, this practice is common in Alameda, where the company often opens accounts in the name of shell companies or employees to conceal its trading activities. However, FTX claims that Alameda provided funding and control for the account. According to reports, after Alameda declared bankruptcy, (Crypto. com) locked the account and refused FTX administrators' requests to access funds despite multiple attempts. FTX further claims that (Crypto. com)'s refusal was based on a mismatch between the account holder's name and the name of the person seeking to recover the funds. FTX claims that it has clarified the complexity of the case to (Crypto. com) and provided court approved documents, but (Crypto. com) has reportedly not responded yet. The FTX administrator is currently attempting to exploit the claims made by affiliated companies of (Crypto. com) parent company entities Foris MT and Iron Block. And these companies have filed claims of $18.4 million and $237800 against FTX, which were deposited in FTX. com accounts before the exchange went bankrupt. In view of this, FTX requests a delay in processing the claim of (Crypto. com) until the exchange releases the Alameda assets it holds. FTX also demands the recovery of assets, legal fees, and other remedial measures.