$15 Million Crypto Loan Dispute Heads to Mandatory Arbitration

ESS Frontier LLC has filed a lawsuit against the on-chain perpetual futures protocol Ostium (Ostium) over an alleged $15 million cryptocurrency loan dispute. The company filed the suit in the U.S. Southern District Court of New York on April 4, naming Ostium Foundation, Ostium Labs, DeltaX, DX Group, and Ostium co-founder and CEO Kayla O'Kearney as defendants.

The court has scheduled a hearing for April 17 at 2 p.m. local time to address the arbitration request. In a revised filing on April 14, ESS Frontier added Hong Kong-based Minghui Zheng as a co-plaintiff.