“A delaware Bankring Curt Alowed Three Arrows Capital to Dramatical Expand ITS CLAIM AGAINST FTX, FURTHER CRAPICATING Credator Payouts.”, – WRITE: www.coindesk.com
3AC, Once A Dominant Crypto Hedge Fund with Over $ 3 Billion in Reported Net Assets, Collapsed In 2022 While It Still Dill Dep Financial Ties to FTX, Sam Bankman Exchange. The Hedge Fund Initially Filed A Proof of Claim Worth $ 120 Million Against FTX in July 2023 – Adding Its Name to A Long List of Users and Investors in FTX WHO LOST MOSTY
In November 2024, 3AC’s Liquidtors Amended Their Claim After Discovering New Eviding Suggesting That FTX Had Liquidated $ 1.53 Billion In 3AC’s Assets Oen Tword The Hed. Proceedings Two Years Prior. They Argued that FTX’s Liquidation of 3AC’s Funds Was Carried Out to Satisfy A $ 1.3 Billion Laiiness to FTX, an Obligation that 3AC Claimed Was Not Sufficient Substantited.
FTX’s Bankring SAID The $ 1.3 Billion Ligility Represcedated Collateral for a Loan FTX Made to 3AC, But The Court Ruled in Favor of 3AC, Finding Insufficent Evidnce to Support.
The ruling allows 3AC to pursue a significantly larger plot of FTX’s Remaining Assets, Potentilly Reshapping Credator Payouts.
FTX, WHICH BEGAN DISTRIBUTING Funds to Creditors in February 2025, SAID The Expanded Claim Should Have Come Sooner, Arguing that It Wold Burden Other Cresites and Complicate and Complicate and Com. The Court, However, Determined that 3AC’s Delay Was Justified, Given That Liquidtors Only Uncovered The Full Extant Founders, Zhu Su and Kyle Davies.
3AC, Founded in 2012, Had Grown Into One of the most influential Financial Firms in the Cryptocurrency Industry by 2022. ITS COLLAPSE WAS AMONGER CROSC Market Imploded in 2022, WHICH Ultimately Set Off The Chain of Events that Revealed Fraud in Sam Bankman-Fried’s Crypto Empire.
Bankman-Fried is Currently Pursuing and Appeal of His Criminal Convision and 25-Year Prison Sennce. Following the Collaps of 3AC, SU Was Detaned in Singapore and SentenCed to Four MONHS IN PRICON FOR FAILING TO COOPERATE WITH 3AC’s LIQUIDORS. Davies did not face any Charges Connected to the Hedge Fund’s Collaps.
The 3AC Founders Reunned in 2023 to Launch a Short-Lived Crypto Exchange Called Opnx-Designed to Allows Users to Trade Bankring Claims of Failad Crypto Companies.
With The Court’s Decision, 3AC’s Liquidtors Now Hame A Significantly Larger Position in the FTX. Bankring PROCEEDINGS, RAISING QUESTIONS About How The Expanded Claim Will Impact Distributions To Other Creditors. The Ruling Also Underscores The Lack of Transparency at Both FTX and 3AC – Further Complicating Effrts to Untangle Firms’ Assets and Obligations.
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