Bankrupt Crypto Exchange FTX Slams Three Arrows Capital’s $ 1.53b Claim: “3ac is no debt”
The Crypto Exchange FTX’s losses said there was no need to pay a massive $ 1.53 billion claim recovery by three arrow capital, focusing on a recent court filing that the crypto hedge hedge’s own activity (FTX) -resulting in a significant decline in “value” is “value”
“3ac bet Cryptocurrency prices will increase with cash without it and, when prices instead of falling, 3ac proceeds to liquid the risky bets it has placed and removed the properties from (FTX),” FTX’s lawyers wrote on the filing.
Delaware Court that oversees FTX losses Gave the 3AC liquidators permission to expand their claim Earlier this year, it was stealing significantly from their original claim of $ 120 million. It came after 3AC attorneys allegedly discovered new evidence suggesting that FTX was –liquidate $ 1.53 billion of 3ac’s assets two weeks before the hedge fund began its own proceedings in June 2022. FTX lawyers said that the destruction of the 3ac -owned properties of 3ac on its platform was conducted to enjoy a FTX -FTX -a Platform -Platform -Plain to FTX -FTX -FTx But 3AC lawyers were pushed, beating, beating the debt to lawyers or lawyers or debt that was inadequate FTX loans, otherwise proven. The losses court cooperated with 3AC, finding insufficient evidence to support FTX’s claim of a loan.
In the latest filing, lawyers for the FTX’s property -that on June 12, 2022 the actual value of property in 3AC accounts was only $ 284 million -$ 1.017 billion in digital ownership and negative $ 733 million in US dollars. They also added that the “first and only” extermination of the 3ac’s assets ordered by FTX was on June 14, 2022, and exchanged $ 82 million in crypto for cash – a motion they beat “really benefited 3ac (not FTX).”
“Join the liquidators overwhelm the actual $ 284 million worth of possessions associated with the 3AC account on June 12, 2022 by more than $ 1.2 billion, and they do not notice that the full loss in account value results from decline in market price and self -deprecation of 3ac, not any action taken by FTX,” the Bankropt exchange excharts has written.
“These joint liquidators demand for other customers of exchange and creditors to refine the fee for the failed 3AC approach by considering the unreasonable and baseless claims for $ 1.53 billion …
(T) His is a false basis without any legal or realistic merit, and, in fact, 3ac is indebted, “the lawyers added.
The FTX, which is at one time one of the largest crypto exchanges in the world, filed for Protection of losses shortly after its collapse in November 2022. Exchange Recovery Trust initiated the distribution of $ 5 billion to FTX Creditors in May.
The 3AC collapsed in June 2022, one month after the collapse of the Terra/Luna ecosystem, which begins the collapse of such major crypto companies including Voyager, Celsius, Blockfi and Genesis.
The 3AC is up to July 11 to file a resistance before the hearing set for August 12.
