A group of FTX clients have recently filed a lawsuit in the Delaware County Bankruptcy Court seeking priority in recovering funds.
According to court documents, the defendants are the exchange itself, its US division, its founder Sam Bankman-Fried and the associated company Alameda Research.
The user agreement between the company and its customers did not allow the platform to use client funds for its own purposes, including to cover operating expenses.
According to the users, their assets “never belonged” to the Bankman-Fried structures and should be returned as a matter of priority.
The lawsuit says:
“Members of the client class should not queue for reimbursement alongside bankruptcy creditors just to divide the diminished assets of the FTX Group and Alameda.”