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FTX Customers File Class Action to Claim Assets Within Bankruptcy Case

A group of customers are now suing FTX in an attempt to become the first to recover funds from the insolvent cryptocurrency exchange. The lawsuit, filed as part of the bankruptcy case in Delaware, seeks a court ruling recognizing that their holdings with the trading platform belong to them rather than the failed company.

Four FTX customers have filed a lawsuit on Tuesday against the crypto exchange and its former executives, including founder and ex-CEO Sam Bankman-Fried (SBF). They want the court to declare that the digital assets held with the platform belong to its customers rather than FTX or its other creditors.

The group also asks their suit to be accepted as a class action as part of the case in Delaware, according to reports published by Reuters and Bloomberg. The Bahamas-based FTX filed for Chapter 11 bankruptcy protection in the state on Nov. 11 as traders and investors rushed to withdraw their money.

(by Lubomir Tassev)

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