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FTX Disputes 3AC’s $1.53B Claim, Citing Risky Trades and Inaccurate Data
FTX has formally rejected Three Arrows Capital’s (3AC) $1.53 billion claim, calling it “illogical and unfounded.” The dispute stems from 3AC's allegation that FTX improperly liquidated its assets in 2022, accelerating the hedge fund's collapse. Originally seeking $120 million, 3AC’s liquidators raised the claim in late 2024, citing breach of contract and unjust enrichment.
In its objection filed in Delaware Bankruptcy Court, FTX argues that 3AC’s losses were the result of its own high-risk crypto bets. FTX also challenges the figures behind the claim, pointing to inflated account balances and ignoring $60 million in withdrawals made by 3AC.
FTX insists it liquidated $82 million in crypto per contractual terms to stabilize the account, not harm it. It also claims the move ultimately protected 3AC from deeper losses by converting volatile assets into fiat.
Judge Karen Owens will hear the case on August 12. A response from 3AC is due by July 11. The outcome may set important legal precedents for crypto insolvencies and margin agreements.
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