London boutique investment bank Attestor achieved a high return of 200% on its investment in FTX bankruptcy claims, but faces the challenge of seller default

BlockBeats news, on March 18, Bloomberg reported that Attestor Ltd, a London-based boutique investment bank specializing in trading distressed assets, gained nearly 200% from trading in the FTX bankruptcy case. Attestor purchased approximately $400 million in claims against FTX's bankrupt assets, which are now expected to be paid in full as the cryptocurrency market recovers. However, the deal is complicated by the fact that the seller of a large chunk of the FTX account assets purchased by Attestor, a Panamanian company called Lemma Technologies, has chosen to retain its rights to the claim. Attestor has argued in a New York court that this is a clear case of "vendor on the part of the seller." Last June, Lemma agreed to sell the FTX claim for $58 million and is now expected to pay $165 million, according to evidence submitted to the court. Lemma's main investor, Junho Bang, a South Korean trader, is now facing separate charges in Seoul unrelated to the case, adding to the drama and complexity of the case. He was accused of stealing digital assets from a lender called Haru Invest and was indicted by South Korean authorities in February. While that case and Attestor's litigation over FTX's claims are separate, Bang is at the center of both cases.