LayerZero Labs, a cross-chain protocol provider, finds itself in the center of a legal storm after FTX, a now-bankrupt crypto exchange, accused it of improperly withdrawing $21 million in anticipation of FTX’s financial collapse in November 2022.
The background of the dispute goes back to a series of transactions between LayerZero and Alameda Ventures, the investment division of Alameda Research and FTX’s sister company, from January to May 2022.
As detailed in court documents from September 9, Alameda Ventures secured approximately a 4.92% stake in LayerZero through an investment of over $70 million in two installments. Additionally, in a separate transaction in March, Alameda Ventures acquired 100 million STG tokens at a public auction for $25 million.
However, tensions between the two entities rose in November when FTX encountered financial difficulties. LayerZero aimed to retrieve its shares from Alameda in exchange for writing off a $45 million loan it had earlier provided. Wh
We współpracy z: https://cryptodaily.co.uk/2023/09/layerzero-labs-responds-to-ftx-lawsuit
