FTX sues Crypto.com to recover $11 million tied to Alameda account

Odaily News Bankrupt cryptocurrency exchange FTX has filed a lawsuit to recover at least $11 million from a Crypto.com account associated with its sister company Alameda Research. Crypto.com reportedly locked the account after Alameda declared bankruptcy and denied FTX administrators’ requests to access the funds despite their repeated attempts. FTX claims that before filing for bankruptcy, Alameda registered an account on Crypto.com under the name Ka Yu Tin (aka Nicole Tin). According to the company, this practice is common among Alameda, which often opens accounts in the names of shell companies or employees to conceal its trading activities. However, FTX claims that Alameda funded the account and controlled it.