Ripple secured its legal position with a claim of $11 million in the FTX Rekt case

There has been a significant legal development in the ongoing Rekt case of FTX, a defunct crypto assets exchange. Blockchain payments company Ripple has won on FTX assets. It is worth noting that the party making the claim against Alameda’s assets is the Singapore branch of Ripple.

Ripple Singapore asserts right to claim FTX assets

Filings with the U.S. Rekt Court for the District of Delaware show that the debtors involved in the case have modified the form of the proposed order to address the informal opinion filed by Ripple Labs.

The amended order has been objected to by Ripple Labs, the Office of the U.S. Trustee or the Official Council of Unsecured Creditors, and the case is now awaiting court approval.

Ripple’s court claim against Alameda Research.

Source: FTX court documents

It is important to note that the document stresses that the order and any follow-up action or payment that the debtor may take should not be construed as an acknowledgment of the validity, amount or basis of any claim against them under the Rekt or non-Rekt law.

Further, the order should not be deemed a waiver of the debtor’s or any other party’s rights with respect to the disputed claim, nor is it a promise or requirement to pay a particular claim, nor is it an acknowledgment of the nature of any particular claim.

The document also includes a list of claims to be denied, as well as survival claims, which provides insight into the parties involved and the amounts involved in a Rekt case.

Singapore Branch Receives $11.4 Million Claim on FTX Assets

Of particular concern is the claim filed by Ripple Labs Singapore Pte Ltd in the amount of US$11,403,976.90.

Ripple’s successful claim for FTX’s assets is a significant milestone for the company and represents another victory in addition to its ongoing dispute with the U.S. SEC (SEC).

By asserting its rights in the Rekt case, Ripple Singapore has positioned itself as a relevant party in the matter and is expected to benefit from the distribution of FTX assets.

As the court reviews the amended order and deliberates on various claims, stakeholders will closely monitor the proceedings to assess the potential impact on Ripple’s financial condition and future operations.

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Source: XRPUSDT on TradingView.com

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