Amid Bitcoin rally, seller faces lawsuit from top FTX claim holder Attestor

The bankruptcy claims market is witnessing further developments in the collapse of the FTX exchange, as Attestor Capital, a prominent FTX claim holder, has filed a lawsuit against one of the claim sellers.
Attestor Capital is a London-based hedge fund specializing in distressed assets and private equity. Alongside Silver Point Capital and Diameter Capital Partners, it has emerged as one of the largest buyers of FTX’s bankruptcy assets.
According to Claims Market data, as of February, Attestor was the biggest buyer of FTX claims, having purchased claims worth at least $400 million.
After making a 200% profit on its FTX claims, Attestor filed a lawsuit against Lemma Technologies, the seller of one of the largest FTX accounts it acquired, as reported by Bloomberg on March 18.
Attestor claims that in June 2023, Lemma agreed to sell FTX claims to them for $58 million. However, as cryptocurrency prices soared, with Bitcoin surging nearly 130% over the past year, Lemma backed out of the deal.
Alleging “seller’s remorse,” Attestor stated in the lawsuit that Lemma ultimately decided to keep the claim for itself. Bloomberg reported that Lemma has not publicly provided an explanation or filed a defense against Attestor’s New York suit.
Attestor lawyers stated in their filing that Lemma will not proceed with the transactions or honor the trade confirmations unless legally compelled to do so.
Cointelegraph reached out to Attestor and Lemma for comments on the lawsuit but had not received a response at the time of publication.
In addition to facing a lawsuit in New York, Lemma’s principal investor, Junho Bang, has encountered legal troubles in South Korea. Bang is accused of stealing digital assets from the collapsed crypto lending firm Haru Invest and was indicted by South Korean authorities after his arrest in January.
Haru Invest operated a cryptocurrency yield platform that promised investors a 12% yearly return on cryptocurrency deposits. However, the platform halted withdrawals in June 2023, citing issues with service partners.
South Korean prosecutors subsequently arrested Haru Invest’s CEO and two other executives on charges of stealing $830 million from thousands of customers.