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The cryptocurrency market is facing supply-side pressure as more than $81.9 million worth of tokens are scheduled to unlock between May 5 and 11, 2025. According to blockchain analytics firm Tokenomist, ENA tops the list with the largest unlock by volume. The project will release tokens worth $55.79 million, representing 3.1% of its circulating supply. As per the data, the unlock, scheduled for May 5, makes it the most substantial single-day release of the week. The tokens are designated for both the founding team and private investors, with 6.61% of total ENA tokens being unlocked through this event. SPEC follows with a $15.42 million unlock scheduled for May 6, but what makes this event particularly noteworthy is that it represents 42.5% of the token’s circulating supply. Nearly half of all tradable SPEC tokens are hitting potential liquidity in a single event. The data indicates that 4.12% of SPEC tokens will be unlocked through this release. The third largest unlock by value comes from CFG, with $676,280 worth of tokens (0.87% of circulating supply) scheduled for release also on May 6. Several mid-sized unlocks are also on the calendar, which include NEON with $3.33 million (10.83% of circulation) set for May 7 and GGP with $2.41 million (9.8% of circulation) on May 8. Other notable unlocks include AGI on May 11 with $2.35 million (2.1% of circulation), MAVIA on May 8 with $1.41 million (10.75% of circulation), and DEVVE on May 10 with $582,380 (0.95% of circulation). The AGI unlock is set primarily for private investors, with 44.89% of tokens unlocked. Token unlocks are important events for cryptocurrency traders and investors, as they usually create clear patterns of selling pressure. When founding teams and early private investors get access to tokens that were locked before, some of these tokens enter the market as early supporters try to make profits or adjust their portfolios. Projects with a high percentage of tokens unlocking, such as SPEC in 42.5%, will directly impact the market, and even small unlockings from liquid tokens will have an impact on their trading pairs as well. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

The bankrupt cryptocurrency exchange FTX and the FTX Recovery Trust have launched lawsuits against NFT Stars Limited, an Australian-based NFT marketplace company, and Kurosemi Inc., the developer behind the AI-powered MMORPG Delysium. These legal actions, filed in Delaware bankruptcy court, stem from allegations that both companies failed to deliver tokens promised under prior contractual agreements. FTX is demanding the return of more than 83 million SIDUS, 831,000 SENATE, and 75 million AGI tokens as part of the lawsuits. To support its case, the exchange has brought on Sullivan & Cromwell as legal counsel and Alvarez & Marsal North America to handle financial advising throughout the proceedings. In the official statement, FTX said: We urge token and coin issuers to return assets that rightfully belong to FTX, and are willing to initiate litigation barring adequate engagement. Our team continues to work tirelessly to maximize recoveries for the FTX Estate and return funds to creditors, including by filing two complaints against issuers who have repeatedly ignored our attempts to engage. FTX’s recovery trust revealed that it had attempted to resolve these disputes out of court through multiple engagements but received no meaningful cooperation. In response, the Recovery Trust has turned to the courts and warned that more lawsuits could follow if cooperation doesn’t improve. These legal actions are just one piece of FTX’s push to claw back assets lost during its dramatic collapse in November 2022. The exchange has already filed over 20 lawsuits against various parties as it looks to pay creditors back, targeting parties like Binance, Anthony Scaramucci, SkyBridge Capital, and Crypto.com. FTX is also going ahead with its second phase of creditor repayment on May 30, 2025, under the reorganization plan sanctioned in October 2024 by the Delaware U.S. Bankruptcy Court. The proposal envisions distribution ranging from $14.7 billion to $16.5 billion, where 98% of the creditors would get between 119% of their allowed value of claim. As Crypto News Flash reported , FTX started compensating minor creditors in the “Convenience Class” who had claims below $50,000. They have already begun receiving payment in full with an additional 9% interest. The second payment tranche will pay more unsecured and customer claims, but only if the respective creditors comply with the verification and Know Your Customer (KYC) standards. Interestingly, 392,000 claims were disqualified after users missed the deadline of March 3, 2025, for KYC compliance. However, users who began the KYC process still have until June 1, 2025, to complete it. To receive payment, creditors had to verify their claims and select a distribution agent by April 11. FTX has partnered with Kraken and BitGo to assist in the repayment process. Creditors will be able to choose between receiving their distributions in fiat currency or digital assets, adding flexibility to the recovery process.

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FTX has initiated legal proceedings against NFT Stars Limited and Delysium, seeking to recover digital assets allegedly withheld from its estate. The lawsuits are the latest in its ongoing efforts to reclaim funds and maximize creditor recoveries following its collapse in November 2022. The defunct crypto exchange announced on April 29 that it had filed two formal complaints after multiple attempts to engage with the firms in question were ignored. The suits allege that NFT Stars and Delysium failed to transfer tokens to which the firm is contractually entitled. Legal filings in the case against Delysium state that Alameda Ventures, now Maclaurin Investment, paid $1 million in January 2022 for rights to receive 75 million AGI tokens. These coins officially launched in April 2023 with a vesting structure allowing 20% to unlock after 12 months, followed by quarterly releases. However, Delysium allegedly changed the terms by extending the period to 48 months without FTX’s consent and refused to transfer any tokens, citing ongoing bankruptcy proceedings. The complaint against NFT Stars claims that the exchange paid $325,000 in November 2021 to secure 1.35 million SENATE tokens and 135 million SIDUS tokens. While some coins were delivered before FTX’s bankruptcy filing, the company asserts that over 831,000 SENATE and 83 million SIDUS remain unpaid. FTX alleges breach of contract and a violation of the automatic stay triggered by its bankruptcy protection. “We urge token and coin issuers to return assets that rightfully belong to FTX, and are willing to initiate litigation barring adequate engagement,” the Estate said in a statement. “Our team continues to work tirelessly to maximize recoveries for the FTX Estate and return funds to creditors.” The company also confirmed that it is in discussions with several other token issuers and warned that further legal action would follow if they don’t cooperate. These lawsuits come amid the defunct exchange’s broader recovery campaign, which has already seen some success. On February 18, 2025, the company began distributing recovered funds to creditors, starting with approved claims under $50,000 in the Convenience Class. The next round of disbursements is scheduled for May 30, 2025, with the record date set on April 11. This one will cover Class 5 Customer Entitlement Claims, Class 6 General Unsecured Claims, and additional approved Convenience Claims. The initiative follows a court-approved reorganization plan finalized in October 2024 that projects average recoveries of 119% per claim, with some creditors receiving up to 140% in cash. FTX estimates that total asset recoveries will range from $14.7 billion to $16.5 billion, aided by successful recovery efforts from the U.S. Department of Justice and global regulators.