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The bankrupt cryptocurrency fund Three Arrows Capital (3AC) has significantly increased its legal claims in ongoing U.S. court proceedings. Court documents indicate that the initially reported $120 million compensation demand has surged to $1.53 billion. This claim is based on allegations that 3AC liquidated its assets prior to FTX’s bankruptcy in 2022. Documentation submitted to the court shows that 3AC converted its assets on FTX into cash between June 12 and June 14, 2022.
3AC’s Assets Liquidated on FTX
According to court filings, 3AC’s assets on the FTX platform were valued at approximately $1.53 billion as of June 12, 2022. However, a significant portion of these assets was converted into cash between June 12 and June 14. Documents provided by liquidators reveal that these assets were sold to cover $1.3 billion in debt repayments.
This development has severely impacted 3AC’s financial structure. The firm had already faced substantial losses due to the collapse of the Terra ecosystem. Additionally, its financial troubles deepened due to a $665 million debt owed to Voyager Digital. The liquidation process of FTX played a critical role in addressing these debts.
FTX’s Bankruptcy Process and Legal Implications
FTX’s bankruptcy in 2022 sent shockwaves through the cryptocurrency market. The company’s collapse deeply affected a multitude of investors and industry players. The legal disputes surrounding the liquidation of 3AC’s assets reveal intricate details about this significant downfall.
Sam Bankman-Fried, the former CEO of FTX, has become a focal point in a high-profile case in 2023. Accused of misleading investors, Bankman-Fried faces serious allegations during the court process. The fallout from FTX’s collapse and the ensuing legal battles has further exacerbated the crisis of confidence within the cryptocurrency market.
The court’s decision to elevate the compensation claim to $1.53 billion could reshape both the bankruptcy process of FTX and the financial equilibrium of 3AC. Market participants and sector experts are closely monitoring how this evolving situation might influence financial dynamics in the near future.
