The court approved the $ 1.53B 3AC claim against FTX, which sets the major battle with the Creditor
Delaware Bankruptcy Court holds FTX Estate Approved a petition On Thursday from Three Capital Arrows (3AC) to significantly expand its claim against the estate from $ 120 million to $ 1.53 billion, which marked a major progress in the ongoing collapse from the collapse of the Sam Bankman-fried Crypto Empire’s Crypto Empire.
3ac, once a dominant crypto hedge fund with more than $ 3 billion in reported net assets, collapsed in 2022 while it still has a deep financial relationship with FTX, as soon as Sam Bankman-Fried Crypto Exchange collapsed. The hedge fund initially filed a proof of claim costing $ 120 million against the FTX in July 2023 – adding its name to a long list of FTX users and investors who have lost money as a result of sudden pointlessness.
In November 2024, the 3AC’s Liquidator changed their claims after discovering new evidence suggesting that the FTX was lying $ 1.53 billion in 3ac’s assets only two weeks before the hedge fund began its own proceedings to destroy two years before. They argued that the FTX’s extermination of 3AC funds was carried out to satisfy a $ 1.3 billion responsibility to FTX, an obligation claimed by 3AC was not sufficiently proven.
The FTX losses said the $ 1.3 billion responsibility represents the collateral for an FTX loan made at 3AC, but the court decides in favor of 3AC, who finds insufficient evidence to support the FTX loan claim.
The decision allows 3AC to pursue a significant greater portion of the remaining FTX possessions, which is the potential re -formation of creditors’ payments.
The FTX, which began distributing funds to creditors in February 2025, said the expanded claim must come earlier, focusing that it bear the other creditors and complicated the repair of its plan. The court, however, decided that the 3AC delay was justified, given that liquidators did not discover the entire scope of their claims in mid-2024 due to lost financial records from FTX and a lack of cooperation from 3ac founders, Zhu Su and Kyle Davies.
The 3AC, founded in 2012, grew up in one of the most influential financial companies in the cryptocurrency industry in 2022.
Bankman-Fried is currently pursuing an appeal to his criminal belief and 25-year prison penalty. Following the 3ac collapse, Su was confined to Singapore and was punished for four months in prison for failing to work with 3ac liquidators. Davies did not face any charges connected to the collapse of the fence fund.
The founders of 3ac reunited in 2023 to launch a short-lived crypto exchange called Opnx-designed to allow users to trade losses with failed crypto companies-which Dead In February.
In the court’s decision, 3AC liquidators have already significantly larger positions in FTX. Losses, raising questions about how the expanded claim to distribution to other creditors will affect. The decision also emphasizes the lack of transparency in both FTX and 3AC – further complex efforts to open up both the ownership and obligations of the companies.
