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Citadel drops U.S. trade secrets case to pursue UK bankruptcy filing

After winning a 6 million-pound London arbitration award, Citadel said it agreed to dismiss its New York case because collecting the judgment has been difficult.

Reported · Written up by our desk · Market Structure

Citadel has withdrawn a U.S. trade secrets lawsuit tied to crypto market maker Portofino Technologies, shifting its focus to collection efforts after a nearly 6 million-pound London arbitration award.

According to CoinDesk, Citadel and Portofino jointly agreed to dismiss the New York case, with each side bearing its own legal fees and costs, and Citadel also dropped claims against unnamed Doe defendants.

CoinDesk reports that Citadel has also asked England's High Court to declare Portofino founder Leo Lancia bankrupt over the unpaid arbitration award, framing the dispute as moving from establishing liability to trying to recover money.

Portofino Technologies is described by CoinDesk as a Swiss crypto-native firm that provides institutional trading infrastructure for digital asset markets, and the article notes it was founded in 2021 by former Citadel Securities executives.

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