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

According to a report from Bloomberg, London-based boutique investment bank Attestor Ltd, which specializes in trading distressed assets, has received nearly a 200% return on its investment in the FTX bankruptcy case. Attestor had purchased about $400 million worth of FTX bankruptcy asset claims, which are now expected to be fully paid due to the recovery of the cryptocurrency market. However, the complexity of this transaction lies in the fact that the seller of a large portion of the FTX account assets purchased by Attestor is a Panamanian company called Lemma Technologies, which has chosen to retain rights to the claim. Attestor has filed in a New York court that this is a clear case of "seller's remorse." In June of last year, Lemma agreed to sell the FTX claim for $58 million, but according to evidence submitted to the court, the claim is now expected to be paid out at $165 million.

Junho Bang, Lemma's main investor, is currently facing unrelated charges in Seoul, adding to the drama and complexity of this case. He is accused of stealing digital assets from a loan agency called Haru Invest and was charged by Korean authorities in February. Although the Haru Invest case and Attestor's lawsuit against the FTX claim are separate, Bang is at the center of both cases.