LayerZero Labs vs. Alameda


LayerZero Labs vs. Alameda

The FTX bankruptcy estate has taken legal action against LayerZero Labs, a company that develops a cross-chain swap protocol, in order to recover $86 million in assets.

The lawsuit centers around a transaction between former Alameda Research CEO Caroline Ellison and Layer Zero Labs four days before the exchange filed for bankruptcy.

In the deal, Alameda agreed to return its 5% equity stake in LayerZero valued at $150 million and forgive a $45 million loan.

The case also seeks to recover 100 million Stargate tokens from Alameda and Litan.

It accuses LayerZero of fraudulent activity under bankruptcy regulations and should be invalidated.

As of now, the company has not provided a response to the lawsuit or made any public comments regarding the matter.

#shorts #techshorts #technews #tech #technology #LayerZero Labs #FTX Estate #bankruptcy

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