Crypto News: A U.S. court has granted Three Arrows Capital (3AC) a significant victory in its legal battle against FTX.
The court has approved 3AC’s $1.53 billion claim against FTX, marking a pivotal moment in the ongoing dispute over the collapsed exchange’s assets.
Key Rulings and Developments
- **Court Rejects FTX’s Objections:** The court dismissed FTX’s attempts to block 3AC’s claim expansion.
- **FTX’s Record-Keeping Delays Blamed:** The court held FTX accountable for its failure to provide timely financial records, which contributed to the delays in 3AC’s claim process.
- **Original $120 Million Claim Expanded:** Initially, 3AC sought $120 million but later alleged breach of contract, unjust enrichment, and fiduciary duty violations, which justified the $1.53 billion demand.
- **Liquidation Controversy:** Court documents reveal that 3AC held $1.53 billion in assets on FTX, which were liquidated to cover a $1.3 billion debt.
- **FTX Bankruptcy Battle Intensifies:** This ruling further complicates the creditor claims dispute, as multiple entities vie for control of FTX’s remaining assets.
