The assets were initially valued at $28 million but now exceeded $50 million due to market fluctuations. The assets have been frozen by KuCoin since FTX's collapse in November 2022.
Alameda Research, the subsidiary of the bankrupt crypto exchange FTX, has initiated legal action against KuCoin to recover over $50 million in locked assets.
According to an Oct. 28 filing, the funds have been frozen by crypto exchange KuCoin since FTX’s collapse in November 2022. The complaint was filed in the United States Bankruptcy Court for the District of Delaware, the court handling FTX’s Chapter 11 case.
The filing claims that KuCoin has refused to release the assets despite several communications. The assets were originally valued at $28 million but now exceed $50 million due to market fluctuations. According to the document:
