Lawyers acting for the collapsed Crypto Exchange FTX fought a $ 1.53 billion claiming recovery from three capital liquidators, focusing on losses resulting from a dangerous trading approach that creditors should not pay.
A $ 120 million claim was first filed in a 3ac liquidator in case of FTX losses in June 2023 and Expanded it to $ 1.53 billion in November 2024.
Liquidators allegedly FTX held $ 1.53 billion in Hedge fund assets It was liquid to improve responsibilities in 2022, which contributed to the collapse of 3AC, focusing the transactions were avoided and FTX debts delayed providing information that could not cover the extermination.
Chief Judge John Dorsey and Movement was granted in March.
FTX says claims are unreasonable and baseless
In a resistance filed Friday in the US losses court for the Delaware District, FTX lawyers said claims were “unreasonable and baseless.”
They argue that 3ac “Bet Big,” that crypto prices will increase, and when they fall, the firm becomes the victim of “own dangerous approach.”
“Jump fluids in court are asking for other customers of exchange and creditors to file the bill for the failed 3AC approach by consideration of the unreasonable and baseless claim for $ 1.53 billion,” said FTX lawyers.
There is also a dispute over the account balance and how 3AC arrives at $ 1.53 billion figures. This is FTX’s attorneys rely on inaccurate account balance From June 12, 2022, when the company’s crypto balance was $ 1.02 billion, not $ 1.59 billion, and the negative value of the United States dollar was $ 733 million, not $ 1.3 billion.
The lost theory of property, which FTX said was the Crux of the 3AC argument, was based on the crypto balance on June 12, 2022, and asked to “recover all” balances lost in the following days.
“But it is a misunderstanding without any legal or realistic merit, and, in fact, 3ac is indebted,” the lawyers said.
FTX 3AC claim only has an available balance of $ 284 million, further deleted by Crypto market price refused and remove 3AC by $ 60 million.
FTX said the extermination was for only $ 82 million
In objection, lawyers acting for FTX claimed the only extermination against 3AC was for $ 82 million in crypto, which “permitted contracting” under credit and margin agreements to ensure that the firm complied with account balance requirements.
The objection is also claimed that the extermination did not reduce the overall balance of the account because the amount was added to the FIAT 3AC account in the USD.
“Noteworthy, $ 82 million extermination benefited 3AC by maintaining the 3AC account value. By extermination, the 3AC came out of worsening positions in digital possession in favor of stable positions in Fiat Currency,” FTX said in objection.
3AC is up to July 11 to file a FTX resistance response. An unstable hearing was set for August 12 before Chief Judge Karen Owens in the US Bankruptcy Court for the Delaware District.
Related: Three Capital arrows aim to increase claim against FTX up to $ 1.5B
FTX and 3AC hunting are alleged debts
3ac is also chased pursuit The crypto firm Terraform Labs through a $ 1.3 billion claim in the case of Terra’s losses.
The FTX, which filed for losses in November 2022, also conducted it own recovery efforts to recover funds with a fuzzy suits.
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