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.
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