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

Odaily星球日报讯 Wall Street leading market maker Citadel Securities has formally withdrawn its US trade secret lawsuit against crypto market maker Portofino Technologies, shifting its focus to UK bankruptcy proceedings to recover nearly £6 million in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

Citadel has filed documents with a New York court, jointly applying with Portofino to dismiss the case. The institution stated that continuing the US lawsuit lacks economic value, as even a favorable judgment would be difficult to enforce for recovery. 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 invalidate its trade secret claims. It previously secured a favorable arbitration award in London, but the founder has repeatedly failed to fulfill payment obligations. Therefore, it has applied to the UK High Court to initiate bankruptcy proceedings against Portofino's founder to enforce the debt. (CoinDesk)