London boutique investment bank Attestor gained a 200% high return on its bankruptcy claim investment in FTX, but faces challenges due to seller default

According to Bloomberg, London boutique investment bank Attestor Ltd, which specializes in trading distressed assets, has made nearly 200% profit from its transactions in the FTX bankruptcy case. Attestor had purchased about $400 million worth of FTX bankruptcy asset claims and now expects full payment as the cryptocurrency market recovers. However, the complexity of this transaction lies in that a large portion of the FTX account assets bought by Attestor were sold by a Panamanian company called Lemma Technologies, which currently chooses to retain rights to these claims. Attestor has argued in New York court that this is an obvious case of "seller's remorse". In June last year, Lemma agreed to sell FTX claims for $58 million; according to evidence submitted to court, these claims are now expected to pay out $165 million. Junho Bang, Lemma's main investor who is currently facing unrelated charges in Seoul adds drama and complexity to this case. He is accused of stealing digital assets from a lending institution named Haru Invest and was prosecuted by Korean authorities in February. Although his case and Attestor's lawsuit against FTX are separate proceedings, Bang remains at the center of both cases.