Lawyers for the bankrupt cryptocurrency exchange FTX have filed a motion in Delaware court to dismiss the lawsuit brought by hedge fund Three Arrows Capital (3AC) for $1.5 billion. They argue that 3AC's claims are 'legally untenable' since the fund's losses were caused by its own trading operations and withdrawals, not by FTX's actions. The 3AC lawsuit is based on the assumption that FTX forced the fund to liquidate positions during the 2022 crash, resulting in significant losses.
FTX, which is in bankruptcy proceedings, is actively working to recover assets to compensate clients. The exchange's lawyers emphasize that 3AC has no grounds to demand reimbursement since their actions were conscious market decisions. A hearing in the case is scheduled for August 12, 2025, and 3AC must submit a response by July 11.
This lawsuit is part of a broader FTX program to resolve debts exceeding $11 billion. The exchange has already raised $16.3 billion for payouts, enabling it to cover 118% of losses for 98% of clients. The market is closely watching the case, as it may impact future bankruptcies in the crypto sphere.
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