On June 23, the FTX bankruptcy liquidation team officially dropped a bombshell in court. They completely rejected the $1.53 billion claim from Three Arrows Capital (3AC), asking the judge to 'wipe it out' completely.
The Legend and Fall of the Three Main Characters
1. SBF: From 'Crypto Savior' to Prisoner
The iconic image of a 'genius' with an explosive hairstyle and shorts, once hailed as the 'J.P. Morgan of Crypto', now sentenced to 25 years in prison for fraud.
2. Three Arrows Capital: The Dead End of Leveraged Gamblers
Founders Su Zhu and Kyle claim to be 'Kings of Gambling in Crypto', the 'Supercycle Theory' collapsed as the market reversed, one ended up in prison and the other fled to Dubai after bankruptcy.
3. John Ray III: The Cleanser of Financial Ruins
Having previously led the Enron case liquidation, he stated after taking over FTX, 'I have never seen such chaotic finances,' now presiding over this $1.5 billion legal battle.
The bloody memories of summer 2022
The collapse of Terra/LUNA triggered a crypto avalanche, with Three Arrows Capital being the first to be affected, a hundred billion empire collapsed overnight, and months later FTX blew up, exposing the largest crypto scam in history.
The 'Rashomon' in court: FTX liquidated Three Arrows' default positions legally; Three Arrows accused FTX of 'black eating black' by siphoning off $1.5 billion in assets; the judge found FTX intentionally delayed submitting key evidence.
Stunning Dark Secrets: Alameda's Death Trades
SBF's ex-girlfriend testified: Alameda lost billions during the same period, transferring 4 billion FTT tokens to cover the hole. The truth is that FTX was already insolvent when liquidating Three Arrows.
A historical cycle, the crypto version of the Lehman crisis: the common original sin of 'misappropriating customer funds'; repeating all the mistakes of Enron and Lehman, with a non-transparent structure + missing records + difficulties in valuing virtual assets.
Latest Developments in the Case
The court has accepted the revised $1.53 billion claim from Three Arrows; the final judgment of this 'dead man's duel' may reshape the bankruptcy liquidation standards of the entire crypto industry.
Cruel Revelation: The crypto industry has yet to establish an effective risk control system, the ideals of decentralization struggle against human greed, and the costs of financial innovation under regulatory absence are severe.
This century's duel once again proves: in the unregulated crypto jungle, there are no heroes, only predators with different faces. The story of FTX and Three Arrows will ultimately become the most profound warning in the history of cryptocurrency development.
