Citadel Seeks Bankruptcy Order Against Portofino Founder Over Unpaid Award

Citadel Securities has abandoned its US lawsuit against Portofino Technologies and is now pursuing a bankruptcy order against the crypto firm's co-founder, Leonard Lancia, in the UK. The London Court of International Arbitration had previously ruled in favor of Citadel, awarding £6 million to Lancia and his co-founders over employment-related claims.

The US lawsuit, filed in 2023, alleged trade secrets theft by Portofino against Citadel. However, Citadel has now dropped this case entirely, opting instead for bankruptcy proceedings against Lancia personally. This move is seen as an aggressive enforcement action, particularly given the significant amount of money at stake.

Portofino Technologies, a high-frequency crypto trading firm based in Zug, Switzerland, secured over $50 million in funding in 2022 from notable investors. The company holds a digital asset service provider license in the UK and maintains operations out of Switzerland. Lancia has reportedly attempted to lift asset freezes on his personal holdings, complicating Citadel's collection efforts.