Source: Cointelegraph Original: "{title}"
A U.S. bankruptcy court has authorized the liquidators of the collapsed cryptocurrency hedge fund 3AC to increase their claim against the bankrupt cryptocurrency exchange FTX from $120 million to $1.53 billion.
Chief Judge John Dorsey dismissed the arguments of FTX's debtors that the revised proof of claim (POC) submitted by the 3AC liquidators was untimely and constituted an unfair attempt to delay the bankruptcy proceedings.
In a ruling on March 13 by the U.S. Bankruptcy Court in Delaware, Dorsey found that the 3AC liquidators had provided adequate notice regarding their claim and the possibility of revisions after analyzing all available information. He stated that any delays were due to FTX's failure to timely share relevant records.
Chief Judge John Dorsey has approved the motion proposed by the 3AC liquidators to increase their claim against FTX to $1.53 billion.
Dorsey noted, "The evidence shows that the delay in submitting the revised proof of claim is primarily attributable to the debtors themselves."
"Furthermore, the evidence indicates that the liquidators have been actively seeking relevant information, while the debtors, despite having complete information, have repeatedly delayed providing it."
The 3AC liquidators initially submitted a claim of $120 million in the FTX bankruptcy case in June 2023, and later expanded the claim in November 2024, alleging breaches of contract, unjust enrichment, and violations of fiduciary duties.
The liquidators allege that FTX holds $1.53 billion in hedge fund assets, which were liquidated in 2022 to repay $1.33 billion in debts.
They argue that the relevant transactions could have been voided and that the delay in providing key information by the FTX debtors led to the failure to timely disclose the liquidation actions.
FTX debtors opposed the revised claim, stating that the original proof of claim did not adequately explain the nature and amount of the 3AC liquidators' claims and that it was submitted too late to be considered.
Before its collapse in June 2022, Three Arrows Capital was one of the largest cryptocurrency hedge funds in the industry, managing over $3 billion in assets.
Its liquidators also filed a $1.3 billion proof of claim in the Terra bankruptcy case against the now-defunct cryptocurrency company Terraform Labs.
Meanwhile, FTX, which filed for bankruptcy in November 2022, is also actively seeking to recover funds.
In November of last year, FTX filed three lawsuits, one of which targets SkyBridge Capital and its founder Anthony Scaramucci, aiming to recover funds spent by former FTX CEO Sam Bankman-Fried (SBF) in sponsorship and investment transactions.
Another lawsuit targets the cryptocurrency exchange Binance and its former CEO Changpeng Zhao, seeking to recover $1.76 billion worth of cryptocurrency sent to the exchange under a repurchase agreement in July 2021.
Additionally, Waves founder Aleksandr Ivanov has also become a target for recovery, as he sent $80 million worth of cryptocurrency to a Waves-based decentralized liquidity protocol through Alameda Research in 2022.
Related: Cryptocurrency Fear Index reaches levels seen during the collapses of Celsius, Terra, and 3AC.
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