Insolvency Crypto Exchange FTX has said that it should not pay the claim of recovery of $ 1.53 billion on a large scale by the capital of three arrows, arguing in a court recently that the Crypto hedge Fund’s own risky (trading) strategy caused its own collapse, and its own account activity – (FTX) – (FTX) resulted
FTX lawyers wrote in the filing, “3AC gave a great condition that cryptocurrency prices would rise using cash and when prices fall, 3AC carried forward to reduce the risky bets and withdrew the property from (FTX),” FTX’s lawyers wrote in the filing.
The Delaware Court, which oversees the bankruptcy of the FTX, allowed 3ac liquidaters to expand their claim earlier this year, crashed to a large extent with its original claim of $ 120 million. This 3AC lawyers reportedly to be discovered after discovering new evidence that FTX had a 3AC assets of $ 1.53 billion of assets two weeks before the hedge fund started in June 2022. FTX lawyers say that 3AC assets on its platform were not done to complete – confirmed. The bankruptcy court biased with 3AC, finding inadequate evidence to support FTX’s claim of a loan.
In the most recent filing, FTX’s property lawyers stated that the actual value of the property in 3AC accounts on June 12, 2022 was only $ 284 million – $ 1.017 billion in digital assets and negative $ 733 million in US $. He also stated that the “first and only” liquidation of the assets of 3ACs ordered by FTX was on 14 June 2022, and a $ 82 million exchange in Crypto for Cash – a step – a step that he argued that “actually benefited 3AC (not FTX).”
“Joint liquidators increase the actual $ 284 million value of assets associated with 3AC accounts on June 12, 2022, and they ignore that the entire loss in the account price resulted in the decline in the account price and the return of 3ACs as a result of the return of 3AC, no action by FTX,” Written by Lawyers of Insolvency Exchanges.
“Joint liquidator asks this court to force other exchange customers and creditors to force the bill for the 3AC’s failed strategy by claiming irrational and baseless claims for $ 1.53 billion …
(T) He has a wrong basis that lacks any legal or factual ability, and, in fact, 3AC is not outstanding, ”the lawyers said.
FTX, which was one of the world’s largest crypto exchanges at one time, was filed for insolvency conservation immediately after its fall in November 2022. The Recovery Trust of the Exchange started distributing $ 5 billion to FTX creditors in May.
A month after the collapse of the Ter/Luna ecosystem, 3AC fell in June 2022, starting domino-like collapse of major crypto companies, including Vyzer, Celsius, Blockfi and Genesis.
The 3AC has till 11 July to register an objection before the hearing set for 12 August.
