Jump Trading 将 FTX Estate 因 2.64 亿美元血清代币贷款告上法庭

Jump Trading 的大帽山子公司因 SRM 代币交付失败而寻求近 2.64 亿美元的损失——超过了该协议当前的市值。

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.

破产的加密货币交易所 FTX 的破产财产正在对 Jump Trading 的 Tai Mo Shan 就一笔未交付的 8 亿 Serum (SRM) 代币贷款提出的索赔提出异议，辩称该贷款从未开始。

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 破产案中提交了索赔证明，要求就未交付的 SRM 代币赔偿超过 2.64 亿美元。然而，破产财产已对这一索赔提出异议，认为 FTX 创始人 Sam Bankman-Fried 拥有的量化交易公司 Alameda 从未按照贷款协议中的规定交付代币。

"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 遗产委员会的律师在反对意见中写道：“毫无疑问，阿拉米达未能交付主贷款协议中的贷款确认书所设想的加密货币。因此，贷款并未开始。” “当贷款未开始时，总贷款协议给予大帽山一项补救措施：使适用的贷款确认书无效。”

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.

该遗产委员会还对Jump提出的估值金额提出异议，认为大帽山的损害赔偿计算“完全无法支持”，并且基于有缺陷的“期权模型”。遗产管理机构没有提供任何解释或文件来支持这一说法。

"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."

律师们写道：“大帽山的赔偿计算完全站不住脚，而且似乎是基于一个存在严重缺陷的‘期权模型’。” “主贷款协议和贷款确认书规定，大帽山将免费获得 8 亿 SRM 代币，无任何费用和利息。至少可以说，这是非常不寻常的。”

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

律师还指控大帽山可能进行欺诈性转让。

"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."

法庭文件中写道：“由于此处所述的原因以及发现后的更多原因，大帽山可能因欺诈性转让而向债务人承担责任。” “债务人提出，大帽山可能是某些推定欺诈性转让的接收者……包括这里所谓的有争议的贷款。”

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.

遗产委员会请求法庭宣告贷款协议无效，驳回大帽山的申索证明，并视附属公司为FTX遗产的无抵押债权人。

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.

在最初的破产申请中，FTX 将 Jump 列为其前 50 名债权人之一，索赔金额超过 2.5 亿美元。债权人名单还显示，FTX 破产时，Alameda 向 Jump 尚有 4.99 亿美元的未偿还贷款。

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 的原生代币。 Jump Trading 于 2020 年秋季宣布对 Serum 进行重大投资，并将提供做市服务。 2022 年 11 月 FTX 破产后，DEX 崩溃了，当时内部人士告诉 CoinDesk，该交易所只是名义上的去中心化，因为订单来自 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.

市场数据显示，这 8 亿枚 SRM 代币将占现有约 10 亿枚 SRM 的约 80%，超过当前 3.727 亿枚的流通供应量。该代币原计划的最大供应量超过 101 亿枚，但由于其将于 2022 年终止而被缩短。

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 辩称，根据期权模型，FTX-Alameda 遗产机构欠其超过 2.64 亿美元的损害赔偿。期权模型利用SRM在破产申请日的市场价格、还款期权价格、SRM的隐含波动率以及贷款利率等因素来计算大帽山所欠的损失。

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.

遗产委员会对这一估值提出质疑，认为它“完全无法支持”，并且基于有缺陷的“期权模型”，但没有提供解释或文件来支持这一说法。

"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."

律师们写道：“大帽山的赔偿计算完全站不住脚，而且似乎是基于一个存在严重缺陷的‘期权模型’。” “主贷款协议和贷款确认书规定，大帽山将免费获得 8 亿 SRM 代币，无任何费用和利息。至少可以说，这是非常不寻常的。”

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

律师还指控大帽山可能进行欺诈性转让。

"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."

法庭文件中写道：“由于此处所述的原因以及发现后的更多原因，大帽山可能因欺诈性转让而向债务人承担责任。” “债务人提出，大帽山可能是某些推定欺诈性转让的接收者……包括这里所谓的有争议的贷款。”

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.

律师们还辩称，《贷款主协议》和《贷款确认书》规定大帽山将免费获得 8 亿个 SRM 代币，无任何费用和利息，这一点值得商榷。

"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.

他们写道：“合同条款中没有具体规定大帽山为换取所称贷款而提供的任何数额的抵押品或对价。”

Edited by Zack Seward

扎克·苏厄德编辑

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