The bankrupt estate of cryptocurrency exchange FTX is suing blockchain company Layerzero Labs in an attempt to claw back a $45 million deal and over $40 million in withdrawals made in the days before FTX filed for bankruptcy. The lawsuit alleges that Layerzero exploited FTX’s financial distress to negotiate a fire-sale transaction just prior to the bankruptcy filing. Layerzero’s co-founder and CEO Bryan Pellegrino, however, says the lawsuit “is filled with unsubstantiated claims.”
Layerzero Accused of Exploiting FTX’s Distress: Lawsuit Highlights Purported Fraudulent Activities
The complaint filed by FTX accuses Layerzero of fraudulent transfers, unjust enrichment, and violations of the automatic bankruptcy stay. It seeks to recover equity that FTX subsidiary Alameda Ventures transferred to Layerzero as well as alleged cryptocurrency withdrawals from FTX by Layerzero employees.
FTX claims that in November 2022, as the exchange faced a severe liquidity crisis, Layerzero demand
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