The market-making firm is now seeking bankruptcy against Portofino Technologies' founder after failing to collect an arbitration award tied to its dispute with the crypto market maker.
Cit Securities has dropped its U.S. trade secrets lawsuit against crypto market maker Portofino Technologies and is instead seeking bankruptcy proceedings against the firm's founder over an unpaid $8 million arbitration award it has been unable to collect. The shift suggests the legal fight has moved from pursuing the company directly to trying to enforce the outstanding award against its founder, marking a new phase in the dispute.