Jump Trading 將 FTX Estate 因 2.64 億美元血清代幣貸款告上法庭

Jump Trading 的大帽山子公司因 SRM 代幣交付失敗而尋求近 2.64 億美元的損失——超過了該協議當前的市值。

Bankrupt crypto exchange FTX's estate is disputing a claim from Jump Trading's Tai Mo Shan over an undelivered loan of 800 million Serum (SRM) tokens, arguing that the loan never commenced.

破產的加密貨幣交易所 FTX 的破產財產正在對 Jump Trading 的 Tai Mo Shan 就一筆未交付的 8 億 Serum (SRM) 代幣貸款提出的索賠提出異議，辯稱該貸款從未開始。

Tai Mo Shan, a subsidiary of Jump Trading, filed a proof of claim in the FTX bankruptcy case, seeking damages of over $264 million for the undelivered SRM tokens. The bankruptcy estate, however, has filed an objection to the claim, arguing that Alameda, the quantitative trading firm owned by FTX founder Sam Bankman-Fried, never delivered the tokens as specified in the loan agreement.

Jump Trading 子公司大帽山在 FTX 破產案中提交了索賠證明，要求就未交付的 SRM 代幣賠償超過 2.64 億美元。然而，破產財產已對此索賠提出異議，認為 FTX 創始人 Sam Bankman-Fried 擁有的量化交易公司 Alameda 從未按照貸款協議中的規定交付代幣。

"It is undisputed that Alameda failed to deliver the cryptocurrency contemplated by the Loan Confirmation to the Master Loan Agreement. The loan therefore did not commence," lawyers for the FTX-Alameda estate wrote in their objection. "The Master Loan Agreement gives Tai Mo Shan one remedy when a loan does not commence: voiding the applicable Loan Confirmation."

FTX-Alameda 遺產委員會的律師在反對意見中寫道：“毫無疑問，阿拉米達未能交付主貸款協議中的貸款確認書所設想的加密貨幣。因此，貸款並未開始。” “當貸款未開始時，總貸款協議給予大帽山一項補救措施：使適用的貸款確認書無效。”

The estate is also disputing the valuation amount presented by Jump, arguing that Tai Mo Shan's damages calculation is "wholly unsupportable" and based on a flawed "options model." The estate did not provide an explanation or documentation to support this claim.

該遺產委員會還對Jump提出的估值金額提出異議，認為大帽山的損害賠償計算“完全無法支持”，並且基於有缺陷的“期權模型”。遺產管理機構沒有提供任何解釋或文件來支持這一說法。

"Tai Mo Shan's damages calculation is wholly unsupportable and appears to be based on a deeply flawed 'options model,'" the lawyers wrote. "The Master Loan Agreement and Loan Confirmation provide that Tai Mo Shan was to receive 800 million SRM Tokens for no fee and no interest. This is highly unusual, to say the least."

律師們寫道：“大帽山的賠償計算完全站不住腳，而且似乎是基於一個存在嚴重缺陷的‘期權模型’。” “主貸款協議和貸款確認書規定，大帽山將免費獲得 8 億 SRM 代幣，無任何費用和利息。至少可以說，這是非常不尋常的。”

The lawyers also allege that Tai Mo Shan might have engaged in fraudulent transfers.

律師還指控大帽山可能進行欺詐性轉讓。

"For the reasons stated here and more following discovery, Tai Mo Shan may be liable to the Debtors for fraudulent transfers," the court filings read. "The debtors submit that Tai Mo Shan may have been the recipient of certain constructively fraudulent transfers...including the purported loan at issue here."

法庭文件中寫道：“由於此處所述的原因以及發現後的更多原因，大帽山可能因欺詐性轉讓而向債務人承擔責任。” “債務人提出，大帽山可能是某些推定欺詐性轉讓的接收者……包括這裡所謂的有爭議的貸款。”

The estate is requesting that the court void the loan agreement, dismiss Tai Mo Shan's proof of claim, and deem the subsidiary to be an unsecured creditor of the FTX estate.

遺產委員會請求法庭宣告貸款協議無效，駁回大帽山的申索證明，並視附屬公司為FTX遺產的無抵押債權人。

In its initial bankruptcy filing, FTX listed Jump among its top 50 creditors, with a claim of over $250 million. The creditor list also showed that Alameda had an outstanding loan of $499 million to Jump at the time of FTX's bankruptcy.

在最初的破產申請中，FTX 將 Jump 列為其前 50 名債權人之一，索賠金額超過 2.5 億美元。債權人名單也顯示，FTX 破產時，Alameda 向 Jump 仍有 4.99 億美元的未償還貸款。

SRM was the native token of the decentralized exchange (DEX) Serum. Jump Trading announced in the fall of 2020 that it had made a significant investment in Serum and would provide market making services. The DEX collapsed after FTX went bankrupt in November 2022, and at the time, insiders told CoinDesk that the exchange was decentralized in name only as orders came from FTX.

SRM 是去中心化交易所（DEX）Serum 的原生代幣。 Jump Trading 於 2020 年秋季宣布對 Serum 進行重大投資，並將提供做市服務。 2022 年 11 月 FTX 破產後，DEX 崩潰了，當時內部人士告訴 CoinDesk，該交易所只是名義上的去中心化，因為訂單來自 FTX。

Market data shows that the 800 million SRM tokens would account for approximately 80% of the roughly 1 billion SRM in existence and more than the 372.7 million current circulating supply. The token was scheduled to have a max supply of over 10.1 billion tokens, but this was cut short due to its demise in 2022.

市場數據顯示，這 8 億枚 SRM 代幣將佔現有約 10 億枚 SRM 的約 80%，超過目前 3.727 億枚的流通供應量。該代幣原計劃的最大供應量超過 101 億枚，但由於其將於 2022 年終止而縮短。

In court documents, Jump Trading argued that the FTX-Alameda estate owes it more than $264 million in damages based on an options model. The options model uses the market price of SRM on the bankruptcy filing date, the repayment option price, SRM's implied volatility, and the interest rate on the loan, among other factors, to calculate the damages owed to Tai Mo Shan.

在法庭文件中，Jump Trading 辯稱，根據選擇權模型，FTX-Alameda 遺產機構欠其超過 2.64 億美元的損害賠償。選擇權模型利用SRM在破產申請日的市場價格、還款選擇權價格、SRM的隱含波動率以及貸款利率等因素來計算大帽山所欠的損失。

The estate challenged this valuation, arguing that it is "wholly unsupportable" and based on a flawed "options model" without providing an explanation or documentation to support this claim.

遺產委員會對這一估值提出質疑，認為它“完全無法支持”，並且基於有缺陷的“期權模型”，但沒有提供解釋或文件來支持這一說法。

"Tai Mo Shan's damages calculation is wholly unsupportable and appears to be based on a deeply flawed 'options model,'" the lawyers wrote. "The Master Loan Agreement and Loan Confirmation provide that Tai Mo Shan was to receive 800 million SRM Tokens for no fee and no interest. This is highly unusual, to say the least."

律師們寫道：“大帽山的賠償計算完全站不住腳，而且似乎是基於一個存在嚴重缺陷的‘期權模型’。” “主貸款協議和貸款確認書規定，大帽山將免費獲得 8 億 SRM 代幣，無任何費用和利息。至少可以說，這是非常不尋常的。”

The lawyers also allege that Tai Mo Shan might have engaged in fraudulent transfers.

律師還指控大帽山可能進行欺詐性轉讓。

"For the reasons stated here and more following discovery, Tai Mo Shan may be liable to the Debtors for fraudulent transfers," the court filings read. "The debtors submit that Tai Mo Shan may have been the recipient of certain constructively fraudulent transfers...including the purported loan at issue here."

法庭文件中寫道：“由於此處所述的原因以及發現後的更多原因，大帽山可能因欺詐性轉讓而向債務人承擔責任。” “債務人提出，大帽山可能是某些推定欺詐性轉讓的接收者……包括這裡所謂的有爭議的貸款。”

The lawyers also argue that the Master Loan Agreement and Loan Confirmation provide that Tai Mo Shan would receive 800 million SRM tokens for no fee and no interest, which is questionable.

律師還辯稱，《貸款主協議》和《貸款確認書》規定大帽山將免費獲得 8 億個 SRM 代幣，無任何費用和利息，這一點值得商榷。

"There are no contract provisions specifying any amount of collateral or consideration given by Tai Mo Shan in return for the alleged loan," they write.

他們寫道：“合約條款中沒有具體規定大帽山為換取所稱貸款而提供的任何數額的抵押品或對價。”

Edited by Zack Seward

扎克·蘇厄德編輯

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