Citadel Drops Portofino Suit, Seeks UK Bankruptcy Order Against Founder

Portofino Technologies, a Swiss crypto-native trading firm founded in 2021 by former Citadel Securities executives, provides market making, over-the-counter trading and treasury services to digital-asset clients. Citadel’s dispute with the firm grew out of alleged trade-secret misuse and separate employment-related claims against its founders. The case matters because it shows how a high-profile clash between traditional market making and crypto has shifted from establishing liability to enforcing a cross-border award.

On July 8, 2026, Miami-based Citadel and Portofino jointly agreed to dismiss the New York trade-secrets case after nearly three years, with each side bearing its own costs. Citadel separately petitioned England’s High Court the same day to declare co-founder Leo Lancia bankrupt, saying he still owes £5.98 million under a 2025 London Court of International Arbitration award, plus interest and costs. The award was recognized in February, an April statutory demand went unpaid and Lancia’s challenge was rejected in May; Citadel valued its security at only about £21,886.