FTX Estate Sues NFT Stars and Kurosemi Over Missing Tokens

FTX Estate Takes NFT Stars and Kurosemi to Court Over Missing Tokens

The fallout from the FTX collapse is far from over. This time, the focus shifts to NFTs—digital assets many believed had nothing to do with the mess. But as it turns out, they do.

The FTX estate is now suing two NFT platforms—NFT Stars and Kurosemi—for failing to return over $4 million worth of non-fungible tokens that rightfully belong to FTX’s bankruptcy estate.

What’s the backstory here? Let’s break it down.

What’s FTX Trying to Recover?

In 2022, FTX fell apart almost overnight. Billions of dollars vanished, and creditors have been waiting ever since to recover what they’re owed. Part of that recovery involves tracking down assets—whether in wallets, banks, or NFT collections.

Here’s what’s being disputed:

• Over 100 NFTs held by platforms NFT Stars and Kurosemi
• Tokens originally purchased using FTX or Alameda funds
• Estimated value: around $4 million

So why does FTX want them back? Because they were bought using company funds, and in a bankruptcy case, all such assets should be returned so they can be sold to repay creditors.

Who Are NFT Stars and Kurosemi?

If you’re not deep into the NFT scene, you might not have heard of these platforms before. Here’s a quick rundown:

• NFT Stars bills itself as a global NFT marketplace and art hub
• Kurosemi operates as an NFT issuance and management platform

These platforms received NFTs from Alameda Research (FTX’s sister firm) and former FTX execs. Now the FTX estate says—not only are those NFTs still sitting in marketplace accounts—but NFT Stars and Kurosemi are refusing to return them.

Allegations in the Lawsuit

So what exactly is FTX accusing them of? It’s pretty straightforward.

The new management team handling FTX’s bankruptcy case claims:

• The NFTs belonged to either FTX or Alameda
• They were never officially transferred to NFT Stars or Kurosemi—only held there temporarily
• Despite multiple requests, the platforms haven’t returned the tokens
• Current FTX leadership has no record of those NFTs ever being sold or gifted

The estate wants the court to order both platforms to hand over the NFTs or compensate them with the current market value.

Why NFTs Matter in a Crypto Bankruptcy

You might wonder—why are digital art pieces part of this massive financial mess? Aren’t NFTs more for collectors and hobbyists?

Great question.

Think of NFTs as digital property. If you bought a painting, it doesn’t matter if it’s physical or digital—you still spent money on it. And if you used company funds (which you shouldn’t have), that artwork now becomes part of the bankruptcy pie.

In FTX’s case:

• Executives used company money to buy high-value NFTs
• Those assets are now considered part of the company’s estate
• They must be liquidated to pay back people who lost money

It’s no different than finding a sports car or beach house bought with stolen funds and selling it at auction.

Who Bought the NFTs in the First Place?

Many of the questioned NFTs were purchased by former FTX employees or affiliates of Alameda Research. But according to the bankruptcy filing, they used corporate funds—not personal cash—to do so.

This makes ownership blurry and legally problematic.

It also raises a key question: If someone buys an asset with stolen money, do they really own it?

In most cases—no.

Where Are These NFTs Today?

According to the lawsuit, many of the NFTs are sitting in marketplace accounts controlled by NFT Stars and Kurosemi. Some may have been moved, but none have made it back to FTX’s current leadership.

So what kind of NFTs are we talking about?

While the document doesn’t list every single one, they include:

• Exclusive digital artworks from known NFT collections
• Pieces originally promoted on now-shuttered FTX platforms
• Rare items with significant resale value

These aren’t run-of-the-mill JPEGs. Some of them likely carried six-figure values during the NFT boom.

How This Impacts FTX Creditors

If you’re one of the many people caught in FTX’s collapse, you’re probably wondering: Does this help me get any of my money back?

The short answer? Possibly.

The goal of the FTX estate is to gather every available asset—crypto, cash, or NFTs—and turn them into funds that can be redistributed.

Even if some of the NFTs have lost value, they still represent real money. In bankruptcy, every dollar counts.

If the estate wins the lawsuit, adds the NFTs to its holdings, and later auctions them off, that brings a chunk of potential recovery back to victims.

Why Are NFT Platforms Pushing Back?

Why wouldn’t NFT Stars and Kurosemi just return the artworks?

That’s unclear. But possible reasons include:

• They might think they have a legal claim to the NFTs
• They could be protecting previous agreements with FTX insiders
• They may want a payout before letting go of high-value tokens

No public statements have been made yet. But if this goes to court, they’ll have to explain their side of the story.

What Happens Next?

The lawsuit is now part of FTX’s ongoing bankruptcy process.

To resolve it, a judge will have to decide one key thing: Do these NFTs belong to the FTX estate or not?

If the answer is yes, then NFT Stars and Kurosemi will be forced to hand them over—or pay the current value as compensation.

This case also sets an interesting legal precedent for how bankrupt crypto firms can reclaim digital assets, especially those stored or managed by outside parties.

Could This Impact Future NFT Projects?

Absolutely.

If marketplaces can be sued for simply holding NFTs tied to bankrupt companies, they might change their terms, tighten their policies, or create new systems to verify asset ownership.

This also reminds creators and investors alike: How you buy and store NFTs matters. Who paid for it, which wallet it lives in, and who controls access can become legal issues down the road.

So if you own NFTs, consider:

• Who paid for them? Was it personal money or company funds?
• Where are they stored? Are they in a personal or business wallet?
• Do you have proof of purchase? Keep those receipts.

Final Thoughts

This lawsuit is another chapter in the FTX unraveling. As the estate hunts down every last asset, the message is clear: Nothing is off-limits—not even digital art.

If you’ve dabbled in crypto or NFTs, this is a reminder of how blurred the lines between personal and corporate funds can get—and why tracking your assets is more important than ever.

Only time will tell if FTX can recover these tokens. But with millions on the line, they’re not backing down.

Stay tuned—this case could set the tone for how courts handle blockchain-based assets during bankruptcy from here on out.