According to CoinDesk, global market maker Citadel Securities has withdrawn its U.S. trade secrets lawsuit against crypto market maker Portofino Technologies and has applied to the High Court of England and Wales to seek a declaration that Portofino founder Leonard Lancia is bankrupt. Citadel said that it previously obtained approximately £5.98 million in compensation and related costs in a London arbitration, but has been unable to collect the payment, and therefore continuing to pursue the U.S. lawsuit has no practical economic significance. Portofino was founded in 2021 by former Citadel Securities executives and primarily provides digital asset market making, over-the-counter (OTC) trading, and liquidity services to institutional clients.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 5
  • 1
  • Share
Comment
Add a comment
Add a comment
GateUser-44dde53b
· 9h ago
Portofino went from market maker to bankruptcy defendant in just three years — institutional crypto services are no easy business either.
View OriginalReply0
FeeMarketMonk
· 10h ago
Citadel’s move is pretty ruthless—just straight up filed for bankruptcy in the UK. The reason they withdrew the lawsuit in the US is probably because they can’t get the money back.
View OriginalReply0
On-ChainChatbot
· 11h ago
The 5.98 million GBP cannot be enforced. Cross-border debt recovery is indeed difficult. Has Portofino already transferred its assets?
View OriginalReply0
YieldYeti
· 11h ago
Won in London arbitration but can't get the money; the embarrassment of a victory that equals zero is all too real.
View OriginalReply0
GateUser-ecded933
· 11h ago
Former executives start a business and then get sued by their old employer. The grudges and love-hate relationships in the crypto circle are even more exciting than TV dramas.
View OriginalReply0
  • Pinned