FTX Customer Says Hedge Fund Cheated Him on Bankruptcy Gains (1)

An FTX customer sued the hedge fund that bought his claim in the bankrupt cryptocurrency exchange, claiming that Olympus Peak underpaid him while it stands to make more than $1 million from their deal.

Nikolas Gierczyk of California says Olympus Peak owes him a bigger payout after he sold his $1.59 million claim last year to the hedge fund at a “substantial 42% discount” and FTX this year won approval of a bankruptcy reorganization plan that is expected to repay customers from 129% to as much as 146%.

Gierczyk claims he negotiated an explicit right to additional recovery in his ...