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BlockNews
Home BREAKING NEWS

Three Arrows Capital Pursues Expanded $1.53 Billion Claim Against FTX

Matoy by Matoy
November 14, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • 3AC alleges FTX liquidated assets worth $1.33 billion before the hedge fund’s collapse.
  • Claims against Terraform Labs cite alleged misleading information on Terra ecosystem stability.
  • FTX intensifies asset recovery efforts, filing lawsuits against Binance and SkyBridge Capital.

Liquidators for defunct crypto hedge fund Three Arrows Capital (3AC) are seeking to raise their claim against FTX to $1.53 billion, up from the initial $120 million, according to recent court filings. The move follows allegations that FTX improperly liquidated 3AC’s assets worth $1.33 billion in the weeks leading to the hedge fund’s collapse. Three Arrows claims these liquidations were “avoidable and unfair” and argue they harmed 3AC’s creditors.

The liquidators state that FTX undervalued the seized assets, allegedly breaching contractual agreements and trust. According to 3AC, delays from FTX in providing necessary information forced the hedge fund to rely on raw data, leaving them unable to confirm the full amount until August. FTX, however, asserts that an unidentified party associated with 3AC initiated the asset liquidation.

A court hearing on 3AC’s request to amend its FTX claim is scheduled for Nov. 20.

Source: Bloomberg

Claims Against Terraform Labs

In addition to FTX, 3AC has filed a separate $1.3 billion claim against Terraform Labs, alleging that the firm misrepresented the stability of its ecosystem assets, specifically TerraUSD (UST) and Luna (LUNA). The liquidators argue that misleading information on these assets’ stability led 3AC to invest heavily, causing losses when UST and LUNA values plummeted.

FTX’s Asset Recovery Efforts

Meanwhile, FTX, which declared bankruptcy two years ago, has filed lawsuits to recover funds tied to previous deals. Recently, FTX’s bankruptcy estate filed a $100 million lawsuit against SkyBridge Capital, led by Anthony Scaramucci, aiming to recoup investments made by former FTX CEO Sam Bankman-Fried.

FTX has also sued Binance and its former CEO, Changpeng Zhao, alleging that a $1.75 billion repurchase deal with Bankman-Fried was fraudulent due to FTX’s insolvency. Additionally, on Nov. 11, Alameda Research, FTX’s trading arm, filed a suit to recover around $90 million in crypto from Waves founder Aleksandr Ivanov as part of broader asset recovery efforts.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: 3AC
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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