BlockBeats News, July 8th, Wall Street's top market maker Citadel Securities has withdrawn its trade secret lawsuit against US-based Portofino Technologies and is seeking to push for a bankruptcy proceeding against the company's founder in the UK.

Previously, Citadel had obtained an approximately £6 million compensation award in a London arbitration. Citadel stated that pursuing the US lawsuit further might make it difficult to actually recover the compensation, so it decided to drop the US case and turn to the UK legal process.

The dispute involves a trade secret controversy between Citadel and Portofino Technologies. Citadel Securities, founded by billionaire Ken Griffin, is one of the world's leading market makers and has significant influence in both traditional finance and the crypto market.