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
>> 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...
13 minutes 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...
13 minutes ago
>> US Government and Trump Family in Talks Over Binance US Stake Amid Legal Scrutiny
Changpeng Zhao (CZ), the former CEO of Binance, has publicly refuted claims by the Wall Street Journal that he sought a pardon from the Trump administration in exchange for a stake in Binance. CZ emphasized tha...
>> 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...
13 minutes ago
>> China and India Deepen Crypto Oil Trade with Russia Amid Sanctions, according to Reuters Report
Russia has increasingly turned to cryptocurrencies as a means to conduct oil transactions with China and India, sidestepping Western sanctions, Reuters reveals. Cryptocurrencies such as Bitcoin, Ethereum, and T...
31 minutes ago
>> UK Bitcoin Scandal: NCA Officer Charged with Multi-million Dollar Theft
A UK National Crime Agency (NCA) officer, Paul Chowles, has been charged with the theft of 50 Bitcoin in 2017, which was valued at approximately $77,000 at the time but now worth around $4 million. The 42-year-...
an hour ago
>> Russia's Strategic Shift: Leveraging Bitcoin and Ethereum for Oil Trades Amid Sanctions
Russia has adopted the use of Bitcoin and Ethereum to conduct oil trades with BRICS nations, particularly China and India, to circumvent Western sanctions. This strategic move is part of a broader effort by Rus...
2 hours ago
>> Coinbase Explores Bitcoin Market Trends with New Memecoin Roadmap
Coinbase has recently included Doginme (DOGINME) on its asset roadmap, indicating a move towards supporting more memecoins amidst growing interest. DOGINME, a token born from lighthearted exchanges on the decen...
5 hours ago
>> Turkey Advances Crypto Oversight with New Regulatory Framework
Turkey has recently imposed stringent regulations on the cryptocurrency market, mandating comprehensive oversight by the Capital Markets Board (CMB). As part of efforts to address FATF gray list concerns, these...
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
