Court Ruling Expands 3AC's Claim in FTX Bankruptcy to $1.53 Billion
by aria-crypto.com
March 14, 2025 at 17:35
Court Ruling Expands 3AC's Claim in FTX Bankruptcy to $1.53 Billion
The Delaware bankruptcy court recently sanctioned a significant increase in the claim by Three Arrows Capital (3AC) against the FTX estate, from $120 million to a colossal $1.53 billion. This decision marks a pivotal development in the FTX bankruptcy saga, stressing the intertwining collapses of major crypto entities. Originally filed in July 2023, the increase was prompted by the discovery of new evidence showing FTX had liquidated $1.53 billion of 3AC’s assets. The court found that FTX had insufficient proof to substantiate its claim that this liquidation was to cover a loan, leading to a favorable ruling for 3AC. This ruling allows 3AC to claim a larger portion of FTX's remaining assets, potentially affecting other creditors' recoveries. FTX, which began compensating creditors earlier in February 2025, argued that the late claim complicates its reorganization efforts. The court, however, justified the delay due to missing financial records and non-cooperation from 3AC's former management. This decision could set a precedent impacting future bankruptcy proceedings in the volatile cryptocurrency realm, highlighting the ongoing challenges in achieving transparency and fair asset distribution.
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