FTX Files Lawsuit Against NFT Celebrities and Delysium for Unfulfilled Token Deliveries

FTX has launched legal action against NFT Stars Limited and Delysium as part of its effort to reclaim digital assets it alleges have been withheld from its estate.

These lawsuits are part of FTX’s continued attempts to retrieve funds and enhance recoveries for creditors in the wake of its collapse in November 2022.

On April 29, the troubled crypto exchange revealed it filed two lawsuits after its attempts to engage with both companies were disregarded. The allegations assert that NFT Stars and Delysium did not deliver tokens that FTX is contractually entitled to receive.

According to the legal documents related to the case against Delysium, Alameda Ventures, rebranded as Maclaurin Investment, paid $1 million in January 2022 for the rights to acquire 75 million AGI tokens. These tokens were officially launched in April 2023, featuring a vesting mechanism that permits a 20% release after the initial year, followed by quarterly unlocks.

Delysium, however, reportedly altered the terms to extend the vesting period to 48 months without FTX’s approval and has refused to release any tokens, citing ongoing bankruptcy proceedings.

In the lawsuit against NFT Stars, FTX contends that it paid $325,000 in November 2021 to acquire 1.35 million SENATE tokens and 135 million SIDUS tokens. Although some tokens were received prior to FTX’s bankruptcy filing, the firm claims there are still over 831,000 SENATE and 83 million SIDUS tokens that have not been delivered.

FTX asserts both a breach of contract and a violation of the automatic stay that was enacted with its bankruptcy protection.

The estate stated, “We call upon token and coin issuers to return assets that rightfully belong to FTX, and we are prepared to pursue litigation if necessary. Our team is diligently working to maximize recoveries for the FTX estate and to return funds to our creditors.”

Additionally, the company confirmed that it is in talks with other token issuers and indicated that it will take further legal steps if they fail to comply.

These legal actions are part of a wider recovery strategy that the defunct exchange has put in place, which has already seen some success. On February 18, 2025, FTX began distributing recovered funds to creditors, starting with claims below $50,000 in the Convenience Class.

The subsequent distribution is planned for May 30, 2025, with a record date of April 11. This round will address Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and other approved Convenience Claims.

This initiative follows a reorganization plan that was approved by the court in October 2024, which is expected to yield average recoveries of 119% per claim, with some creditors potentially receiving up to 140% in cash. FTX projects total asset recoveries between $14.7 billion and $16.5 billion, bolstered by successful recovery efforts from U.S. authorities and international regulators.