Citadel withdraws Portofino US trade secret lawsuit, turns to UK bankruptcy proceedings to recover £6 million arbitration award

Odaily Odaily Planet Daily News: Wall Street leading market maker Citadel Securities has formally withdrawn its US trade secret lawsuit against crypto market maker Portofino Technologies, shifting its enforcement focus to UK bankruptcy proceedings to recover nearly £6 million in London arbitration compensation.

Citadel has filed documents with a New York court, jointly requesting the dismissal of the case with Portofino. The institution stated that continuing the US lawsuit lacks economic value, as even a favorable ruling would make it difficult to collect payments. This cross-border dispute, spanning nearly three years, has not resulted in a substantive ruling on the trade secret allegations. Citadel emphasized that the withdrawal does not mean its trade secret claims are invalid. Having previously secured a favorable arbitration award in London, but with the founder repeatedly failing to fulfill payment obligations, Citadel has turned to the UK High Court to initiate bankruptcy proceedings against Portofino's founders to enforce the debt recovery. (CoinDesk)