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## The Fallout of FTX Exchange Collapse Continues: Attestor Capital Sues Claim Seller

The bankruptcy claims market is still reeling from the collapse of the FTX exchange, with Attestor Capital, a prominent FTX claim holder, taking legal action against a claim seller.

Attestor, a London-based hedge fund specializing in distressed assets and private equity, has emerged as a major player in purchasing FTX’s bankruptcy assets, alongside Silver Point Capital and Diameter Capital Partners.

As of February, Attestor was the largest buyer of FTX claims, acquiring over $400 million worth of claims, according to Claims Market data.

## AI legalese decoder Solution

In this complex legal battle between Attestor and Lemma Technologies, AI legalese decoder can help by analyzing and interpreting the legal documentation involved in the lawsuit, making it easier for both parties to understand their rights and obligations. By utilizing AI technology, legal teams can streamline the process of deciphering legal jargon and complex contracts, leading to more efficient and effective legal proceedings.

After recording a substantial profit from its FTX claims portfolio, Attestor took legal action against Lemma Technologies, the original seller of one of the significant FTX accounts Attestor purchased. Bloomberg reported on March 18 that Attestor alleged Lemma backed out of the agreement to sell FTX claims worth $58 million in June 2023, attributing it to the soaring prices of cryptocurrencies, with Bitcoin surging nearly 130% in the past year.

## Allegations and legal Disputes

Attestor claimed that Lemma decided to retain the claim for itself, citing “seller’s remorse” as the reason for reneging on the deal. Despite the allegations, Lemma has not publicly addressed the accusations or responded to Attestor’s lawsuit in New York.

According to Bloomberg, Attestor’s legal team stated that Lemma refused to honor the trade confirmations unless compelled by law to do so. Cointelegraph reached out to both Attestor and Lemma for comment on the lawsuit, but no responses were received at the time of publication.

## Expanded legal Troubles for Lemma

While dealing with the lawsuit in New York, Lemma also faces legal troubles in South Korea. The principal investor of Lemma, Junho Bang, faces allegations of misappropriating digital assets from the collapsed crypto lending firm Haru Invest. South Korean authorities indicted Bang after his arrest in January.

Haru Invest was involved in cryptocurrency yield programs, offering investors a 12% annual return on crypto deposits. The platform stopped withdrawals abruptly in June 2023, citing issues with its service partners. Prosecutors in South Korea arrested Haru Invest’s CEO and two executives for embezzling $830 million from thousands of customers.

In the midst of these legal battles, the AI legalese decoder can provide crucial support in deciphering the intricate legal language and complex contracts involved in the cases, aiding legal teams in navigating the complexities of the litigation process.

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