LayerZero CEO announces settlement with FTX estate
Though Brian Pellegrino said in September 2023 that FTX’s lawsuit was “filled with unsubstantiated claims,” LayerZero reached an agreement over deals with the company.
Bryan Pellegrino, co-founder and CEO of crosschain protocol LayerZero Labs, said the firm reached an agreement with FTX involving transactions in 2022 with Alameda Research’s venture capital arm, Alameda Ventures.
In a Jan. 31 X post, Pellegrino said after “millions in legal fees” and two years in litigation, LayerZero had settled with the FTX estate over funds the platform allegedly withdrew before the crypto exchange’s collapse in November 2022 and an agreement over an equity stake in the crosschain protocol. FTX had sought more than $21 million from LayerZero as part of the lawsuit.
“Ultimately we decided this was not us vs FTX which is a fight we feel completely justified in, but it was us vs the creditors (which also we are one of),” said the LayerZero CEO. “Original repurchase has been returned to the estate.”
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Author: Turner Wright
