US court gives Three Arrows nod to increase its FTX claim to $1.53B
14 Marzo 2025 - 7:17AM
Cointelegraph


A US bankruptcy court has authorized liquidators of defunct
crypto hedge fund Three Arrows Capital (3AC) to increase their
claim against collapsed crypto exchange FTX from $120 million to
$1.53 billion.
Chief Judge John Dorsey rejected FTX’s debtors’ argument that
the amended proof of claim (POC) from 3AC liquidators was untimely
and an unjust attempt to slow the bankruptcy proceedings.
In a March 13 ruling in the US Bankruptcy Court for the District
of Delaware, Dorsey opined that 3AC liquidators had provided
sufficient notice of their claim and the possibility of amending it
once they had analyzed all the available information. Any delay, he
said, was caused by FTX’s failure to share relevant records
promptly.
Chief Judge John Dorsey has granted the motion by
liquidators for defunct hedge fund Three Arrows Capital to increase
their claim against FTX to $1.53 billion. Source:
“The evidence suggests that the delay in filing the Amended
Proof of Claim was, in large part, caused by the Debtors
themselves,” Dorsey said.
“The evidence also suggests that the Liquidators were diligent
in attempting to obtain the information and that despite having the
complete information in their possession, the Debtors repeatedly
delayed giving it to them.”
3AC liquidators initially filed a $120 million claim in FTX’s
bankruptcy case in June 2023. They later expanded it in
November 2024, alleging claims including breach of contract,
unjust enrichment, and breach of fiduciary duty.
The liquidators alleged FTX held $1.53 billion in the hedge fund
assets that were liquidated to settle $1.33 billion in liabilities
in 2022.
They argued that the transactions were avoidable, caused harm to
3AC creditors and that FTX debtors had delayed providing the
information that would have uncovered the liquidation.
FTX debtors objected to the amended claim, saying that the
original POC was insufficient to inform them about the nature and
amount 3AC liquidators would be claiming and that it came too late
and should be disallowed.
Related: FTX
filed for bankruptcy 2 years ago — What’s happening
now?
Before
its collapse in June 2022, Three Arrows Capital was once one of
the industry’s largest crypto hedge funds, with over $3 billion in
assets.
Its liquidators also pursued claims against
collapsed crypto firm Terraform Labs through a $1.3 billion
claim in Terra’s bankruptcy case.
At the same time, FTX, which filed for bankruptcy in November
2022, has been undertaking its own recovery efforts to reclaim
funds.
In November last year, it filed a trio of lawsuits, one
against SkyBridge
Capital and its founder, Anthony Scaramucci, to recoup funds
spent by former FTX CEO Sam “SBF” Bankman-Fried on sponsorship and
investment deals.
Another suit was filed against crypto exchange
Binance and its
former CEO, Changpeng Zhao, to recover $1.76 billion worth of
cryptocurrency sent to the exchange as part of a July 2021
repurchase deal.
Waves founder Aleksandr Ivanov
is also in the crosshairs for $80 million worth of crypto sent
to the Waves-based decentralized liquidity protocol by Alameda
Research in 2022.
Magazine: Crypto fans are obsessed with longevity and
biohacking: Here’s why
...
Continue reading US court gives Three Arrows nod to
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US court gives Three Arrows nod to increase its FTX
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