The suit, filed in the United States Bankruptcy Court for the District of Delaware, alleges that AZA Finance and its executives played a role in siphoning off millions from the now-defunct crypto exchange during a controversial 2022 transaction referred to as the “Luxembourg Demerger.” This deal reportedly saw funds transferred out of FTX’s reach, just months before the platform collapsed under the weight of mismanagement and alleged fraud.

AZA Finance, known for facilitating cross-border payments in African markets using blockchain technology, had previously partnered with FTX and Alameda Research. According to the FTX Recovery Trust, AZA received a significant amount of FTX customer funds—assets the Trust argues were wrongfully retained or transferred without legal authority.

The lawsuit specifically names Elizabeth Rossiello, founder and CEO of AZA Finance, accusing her of personally benefiting from the disputed transaction. The Trust alleges that the fintech firm failed to return the funds even after FTX declared bankruptcy in November 2022 and after multiple attempts to reclaim the assets.

AZA Finance has denied any wrongdoing and said it is prepared to contest the allegations in court. A company spokesperson stated that AZA has always operated transparently and within legal frameworks across the countries it serves. “We were not aware that any funds were misappropriated, and we have been in communication with FTX’s representatives from the beginning,” they added.

This legal move underscores the aggressive approach taken by FTX’s post-bankruptcy legal team, which has been working diligently to claw back billions of dollars scattered through complex global networks. From venture capital firms and celebrities to small startups, the Trust has cast a wide net in an attempt to recover assets for creditors.