FTX has initiated legal action against Dunamu, the operator of South Korea's largest crypto exchange, Upbit, to recover over $53 million in assets. The lawsuit, filed by FTX's subsidiary Alameda Research on November 5, 2024, in the US Bankruptcy Court for the District of Delaware, claims that Upbit is holding FTX's assets in a secret account under the name Yang Jai Sung. FTX alleges that this account was controlled by Alameda and accuses Dunamu of refusing to return the assets despite repeated requests. Dunamu responded in July 2023, stating it could not verify the existence of the account and requested proof of control from FTX. The legal proceedings highlight ongoing disputes over asset recovery following FTX's bankruptcy issues.