FTX's lawyers have dismissed a $1.53 billion recovery claim from the liquidators of Three Arrows Capital (3AC), arguing that the losses stemmed from 3AC's own risky trading strategies, not from FTX's actions. Initially, 3AC's liquidators filed a $120 million claim in June 2023, which was later increased to $1.53 billion, citing breach of contract and unjust enrichment. They alleged that FTX liquidated $1.53 billion in assets to cover liabilities, contributing to 3AC's downfall. However, FTX's legal team contends that 3AC's claims are unfounded, asserting that the hedge fund's significant bets on rising crypto prices backfired when the market declined. They also dispute the accuracy of 3AC's account balances, claiming the actual available balance was only $284 million. FTX argues that the liquidation of $82 million was contractually justified and ultimately preserved 3AC's account value. A hearing is scheduled for August 12, with 3AC required to respond by July 11. Read more AI-generated news on: https://app.chaingpt.org/news