Alameda: Tai Ho Shan's $264 million claim invalidated

On July 11th, Jump Trading subsidiary Tai Ho Shan filed a lawsuit against bankrupt FTX for a $264 million Serum Token loan. Tai Ho Shan claims that Alameda failed to deliver 800 million Serum (SRM) tokens and is demanding compensation of $264 million. However, Alameda argues that the claim is invalid because the loan was never initiated. According to relevant lawyers, the contract terms do not specify any collateral or consideration provided by Tai Ho Shan for the so-called loan.