Citadel abandons the lawsuit against Portofino over trade secrets and turns to the UK for bankruptcy proceedings

According to CoinDesk, Wall Street market-making giant Citadel Securities has abandoned its U.S. trade secret lawsuit against crypto market maker Portofino Technologies and is instead seeking to recover nearly £6 million in arbitration compensation previously awarded through the UK bankruptcy process.

On Wednesday, Citadel submitted documents to a U.S. court, jointly requesting the dismissal of the New York trade secret case with Portofino, stating that continuing the U.S. litigation lacked economic significance, as the judgment won in the London arbitration remains difficult to enforce.

It is reported that this case lasted nearly three years, but the U.S. litigation ultimately did not make a substantive ruling on the trade secret allegations previously raised by Citadel. Citadel emphasized that the withdrawal of the lawsuit is not due to a lack of basis for its trade secret claims, but rather because the company has already achieved a victory in another London arbitration proceeding.