Citadel Abandons $8 Million Trade Secrets Lawsuit Against Portofino on Wednesday

According to court filings, Citadel dropped its U.S. trade secrets lawsuit against crypto market maker Portofino Technologies on Wednesday, jointly agreeing with Portofino to dismiss the New York case. The Miami-based firm stated that continuing litigation no longer made financial sense given its inability to collect a separate $8 million judgment it already won against Portofino's founders in a 2025 London arbitration.

Citadel said founder Leonard Lancia owes 5.98 million pounds from the arbitration award plus interest and costs, with England's High Court recognizing the judgment in February. The firm noted that enforcement efforts, including a statutory demand in April and bankruptcy proceedings, have proven difficult. On the same day it dismissed the U.S. case, Citadel petitioned England's High Court to declare Lancia bankrupt, shifting its strategy from litigation to asset recovery.