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Bankruptcy Crypto Exchange FTX said it should not apply a massive claim of recovery of $ 1.53 billion from Three Arrows Capital AU Recent Court argued that the crypto Hedge Fund is “its own risk [trading] The strategy caused its collapse and its own account activity – not any action [FTX] – resulted in a significant decline in “value” associated with accounts 3AC in June 2022. “
“3AC Betting that the prices of cryptocurrencies would increase using cash that it did not have, and when the prices dropped, 3AC continued to dispose of the risk bets that they inserted and selected assets from [FTX]“FTX lawyers wrote.
The Delaware Court supervises the bankruptcy of the FTX gave liquidators 3AC permits to extend their claim At the beginning of this year, this came from the original claim of $ 120 million. This Came After 3ac’s Lawyers Allegedly Discovered New Evidence Suggesting That FTX Had Liquidated $ 1.53 Billion of 3ac’s Assets Two Weeks Before the Hedge Fund Started Its Own Liquidation Proceedings in June 2022. Assets on Its Platform Was Carried Out to Satisfy and Loan to FTX – But 3ac’s Lawyers Pushed Back, Arguing That the Loan to FTX Wasn’t sufficiently documented or otherwise justified. The bankruptcy court stood up with 3AC and found insufficient evidence to support the entitlement of the FTX on the loan.
In the last submission of FTX property lawyers, they stated that 12 June 2022 was the actual value of assets on accounts 3AC only $ 284 million – $ 1.017 billion in digital assets and negative $ 733 million in US dollars. They also added that the “first and only” disposal of the 3AC assets arranged was 14 June 2022 and exchanged a crypto for cash $ 82 million – a step that argued “in actually the benefit of 3AC (not FTX).”
“Common liquidators grossly inflate the actual value of assets associated with 3AC accounts of $ 12, 2022 of $ 284 million, by more than $ 1.2 billion, ignoring that the entire loss of the account resulted in a drop in market prices and its own selections, which is no FTX measures.”
“Common liquidators are asking this court to force additional exchange customers and creditors to make an account for a failed strategy 3AC by promoting illogical and unfounded claims worth $ 1.53 billion…
[T]It is a false assumption that lacks any legal or factual merit, and in fact 3AC does not owe anything, ”the lawyers added.
FTX, which was suddenly one of the largest crypto -gamblers in the world, filed Protection of bankruptcy shortly after its collapse in November 2022. Truust Renewal of the Exchange began to distribute $ 5 billion to FTX creditors in May.
3AC collapsed in June 2022, a month after the collapse of the Terra/Luna ecosystem, dominated a similar collapse of the main crypto companies, including Voyager, Celsius, Blockfi and Genesis.
3AC must be objected to the 12th August by July 11.