The FTX-Alameda bankruptcy estate challenged Jump Trading subsidiary Tai Mo Shan’s $264 million claim surrounding a loan deal from Alameda Research, where FTX lawyers argued the claim to be invalid as they claim the loan never commenced.

Tai Mo Shan claimed nearly $264 million in damages from Alameda Research’s non-delivery of 800 million Serum (SRM) tokens, from a loan agreement dating back to August 2020. SRM is the native cryptocurrency of FTX-backed decentralized exchange Serum, which collapsed alongside FTX exchange in 2022.

According to the court filings, Jump Trading said it calculated the damages based on an options model, which uses SRM’s market price on the bankruptcy filing date, the token’s implied volatility, the repayment option price and other factors.

FTX lawyers sought …