Key Takeaways:
- Three Arrows Capital’s (3AC) liquidators are raising their claim against FTX from $120 million to $1.53 billion, alleging FTX wrongfully seized 3AC assets.
- 3AC claims that FTX liquidated its assets to settle $1.33 billion in debt, calling the transactions “avoidable and unfair” and seeking to have them invalidated.
- A court hearing on November 20 will address 3AC’s request to amend its claim, with FTX contending the liquidation was authorized by someone affiliated with 3AC.
Three Arrows Capital (3AC) liquidators have raised their claim against FTX from $120 million to $1.53 billion, arguing that FTX unfairly liquidated 3AC’s assets just two weeks before the hedge fund’s collapse.
3AC contends that FTX seized $1.33 billion in assets to settle a debt and calls the transactions “avoidable and unfair,” claiming they harmed 3AC’s creditors.
📢JUST IN: THREE ARROWS CAPITAL (3AC) LIQUIDATORS SEEK TO INCREASE THEIR CLAIM AGAINST FTX TO $1.53B, UP FROM ORIGINAL $120M
— BSCN Headlines (@BSCNheadlines) November 14, 2024
Furthermore, 3AC alleges FTX undervalued its assets, violating contractual and fiduciary duties, and withheld critical information, forcing 3AC to independently verify the losses.
FTX counters that a person linked to 3AC authorized the liquidation, though their identity remains unclear.
A court hearing on November 20 will address 3AC’s claim amendment request.
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