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Odaily星球日报讯 Wall Street leading market maker Citadel Securities has formally withdrawn its US trade secret lawsuit against crypto market maker Portofino Technologies, shifting its enforcement focus to UK bankruptcy proceedings to recover nearly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

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 successful judgment would be difficult to enforce for collection. This cross-border dispute spanning nearly three years did not reach a substantive ruling on the trade secret allegations. Citadel emphasized that the withdrawal does not mean its trade secret claims are invalid. It had previously secured a favorable arbitration ruling in London, but the founder repeatedly failed to fulfill the payment. Therefore, Citadel has turned to the UK High Court to apply for bankruptcy proceedings against Portofino's founder in order to enforce the debt. (CoinDesk)