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Court Approves Three Arrows Capital’s $1.53 Billion Claim Against FTX
In a recent ruling, Judge Dorsey has approved the expanded claim by Three Arrows Capital (3AC) against FTX for approximately $1.53 billion. This decision comes after 15 months of deliberation and follows the liquidators’ securing of a worldwide freeze on $1.4 billion in assets tied to 3AC’s co-founders.
According to documents, much of the delay in filing was caused by FTX not providing necessary documents promptly. Judge Dorsey noted that the balance of equities is in favor of allowing the amended proof of claim, and emphasized that the debtors themselves were responsible for part of the delay.
The ruling adds another layer to the complex FTX bankruptcy saga. FTX collapsed amid allegations of fraud and mismanagement under former CEO Sam Bankman-Fried, who has been attempting to secure a pardon from President Donald Trump. To boost his chances, Bankman-Fried has been aligning himself with right-wing figures, including an appearance on Tucker Carlson’s show.
Despite the collapse of 3AC being a major event in the crypto industry, many remain doubtful about Trump granting Bankman-Fried a presidential pardon. The lack of support from the crypto community could hurt his chances.
The liquidators’ efforts to hold accountable the founders of 3AC continue. In December 2023, they secured a worldwide freeze on $1.4 billion in assets tied to the fund’s co-founders, Su Zhu, Davies, and Davies’ wife Kelly Chen. The liquidators claim that these individuals made decisions that exacerbated 3AC’s financial troubles prior to its collapse.
Su Zhu was arrested in Singapore in September 2023 while attempting to leave the country following a committal order by Singapore courts.
The approval of 3AC’s expanded claim marks another significant development in this ongoing saga.
Source: https://blockonomi.com/court-approves-three-arrows-capitals-1-53-billion-claim-against-ftx/
