FTX, a cryptocurrency exchange that is no longer operating, has taken legal action against NFT Stars Limited and Kurosemi Inc., who run the Delysium platform. These lawsuits are part of FTX's ongoing efforts to recover assets to pay back creditors.

The legal actions were initiated because NFT Stars Limited and Kurosemi Inc. allegedly did not deliver tokens as agreed upon in previous contracts. Despite attempts to resolve the matter outside of court, FTX had to proceed with legal measures as negotiations were unsuccessful.

FTX made it clear that they are in talks with other token issuers to recover assets and warned that more lawsuits would follow if cooperation is not achieved. The goal is to reclaim assets for the FTX Estate and repay creditors. This legal action is a significant step in FTX's strategy after filing for bankruptcy in November 2022 due to a liquidity crisis and an $8 billion shortfall in their accounts.

Recently, FTX began distributing funds to approved claims holders in the Convenience Class. The next distribution round is scheduled for April 11, with payments expected to start on May 30. This will include Customer Entitlement Claims, General Unsecured Claims, and additional Convenience Claims approved since the previous distribution.

Notably, FTX faced challenges as Three Arrows Capital's claim was raised from $120 million to $1.5 billion due to new findings of their extensive involvement with FTX. Despite objections, this amendment was approved.

FTX's collapse highlights the risks in the crypto industry, leading US Senators to propose the PROOF Act. This bill aims to increase transparency and consumer protection by requiring crypto exchanges to keep customer funds separate from institutional assets and undergo monthly audits by neutral third parties to verify asset availability.