US Court Bolsters 3AC's Billion-Dollar Bitcoin Claim Against FTX
by aria-crypto.com
March 14, 2025 at 08:49
US Court Bolsters 3AC's Billion-Dollar Bitcoin Claim Against FTX
A significant court ruling has authorized Three Arrows Capital (3AC) to increase their claim against FTX from $120 million to a staggering $1.53 billion.
This decision by a Delaware bankruptcy court has dealt a major blow to FTX, which contestation of the claim’s expansion was overruled.
The court noted that FTX's delay in providing essential documents hindered the timely processing of the claim, a factor that contributed to the court’s decision.
The origins of this claim trace back to June 2023, but an amendment in November 2024 included severe allegations like breach of contract and fiduciary duties.
This ruling not only strengthens 3AC's position in their ongoing legal battle but also complicates FTX's effort to settle debts with other creditors.
The outcome could disrupt FTX's recent initiatives to start paying off its creditors.
Moreover, this decision might influence future bankruptcy cases involving cryptocurrency entities by setting a legal precedent.
The case highlights the intricate challenges within the cryptocurrency sector and its broader implications on financial systems and regulations.
Read more
>> BlackRock Eyes Expansion into Solana with Planned ETF Filings
BlackRock, the global investment behemoth, is poised to enter the altcoin space with planned ETFs for Solana (SOL) and XRP, marking a significant expansion beyond its existing Bitcoin and Ethereum offerings. Na...
an hour ago
>> IRS DeFi Regulation Uncertainty After Congressional Repeal
Congress has recently taken measures easing regulatory pressures on the decentralized finance (DeFi) sector by repealing a burdensome IRS rule. This rule, initiated by the IRS in December 2024 and set to be act...
>> Russia Leverages Crypto Innovations to Skirt Sanctions in Oil Trade, Reports Reuters
Russia has utilized cryptocurrencies to continue its oil transactions with China and India, thus evading Western sanctions imposed on its $192 billion oil sector. According to Reuters, the nation employs Bitcoi...
2 hours ago
>> US Regulatory Challenges and Trump Negotiations Impact Binance US Operations
Changpeng Zhao, the former CEO of Binance, has been at the center of contentious reports involving alleged discussions about the Trump family acquiring a stake in Binance US. Despite these claims, Zhao strongly...
>> Ethereum and Other Altcoins to Expand Telegram's Crypto Wallet Offerings
Telegram is set to enhance the cryptocurrency trading capabilities of its TON blockchain-based wallet, Wallet, by adding over 50 new altcoins, including Ethereum and XRP. The expansion aims to provide Telegram'...
2 hours ago
>> Coinbase Gains Legal Victory in Vermont Staking Case, Signaling a Shift in Crypto Regulation
In a significant legal development, U.S. state Vermont has dismissed its staking services lawsuit against Coinbase, marking another victory for the cryptocurrency exchange. Paul Grewal, Chief Legal Officer at C...
>> Russia and US Tensions Rise as Crypto Becomes Tool in Sanctions Evasion
Russia has increasingly turned to cryptocurrencies to circumvent Western sanctions, particularly in its oil trade with China and India. This move involves the use of Bitcoin, Ethereum, and Tether through interm...
3 hours ago
>> SEC and Ripple Debate: Is XRP a Commodity or a Security?
The U.S. Securities and Exchange Commission (SEC) is nearing the end of a protracted legal battle with Ripple, focusing on the classification of XRP as a commodity. This debate echoes a prior SEC stance where E...
4 hours ago
>> EU and SEC Scrutinize Crypto Movements as Dogecoin and OKX Draw Attention
In the evolving crypto landscape, significant developments have emerged involving regulatory actions and market movements. The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Graysca...
4 hours ago
>> UAE's Crypto Landscape Evolves as Crypto.com Secures Bitcoin Derivatives License
Crypto.com has successfully obtained a derivatives license from Dubai’s Virtual Assets Regulatory Authority (VARA), marking a significant milestone in its expansion within the UAE. This license enables Crypto.c...
4 hours ago
All the latest crypto news in one place
Stay informed and up-to-date on the market's latest news with our Terminal's News Aggregator with curated news articles and analysis from over 50 sources, including the crypto's biggest publications.
Launch Terminal
