FTX Claims 3AC’s $1.53 Billion Bid Is a ‘Baseless’ Attempt to Dump Risk

FTX lawyers argue 3AC’s $1.53B claim is based on speculative losses from its own failed crypto bets. The only liquidation FTX acknowledges is an $82M trade that allegedly benefited 3AC by preserving value. As FTX proceeds with its $16.5B recovery plan, legal battles with collapsed firms and celebrities rage on. The new management team for the collapsed crypto exchange FTX has formally objected to a $1.53 billion claim from Three Arrows Capital (3AC). In a new court filing, they argue the claim is a “baseless” attempt to force other FTX creditors to pay for the defunct hedge fund’s own failed trading bets. FTX: “You Lost the Bet — Don’t Blame Us” In a sharply worded objection filed in Delaware bankruptcy court, FTX’s legal team accuses 3AC of trying to rewrite history. According to FTX, the hedge fund made aggressive, leveraged bets on a crypto market rebound, and when those bets failed, it tried to push the losses onto FTX’s bankruptcy estate. “The Joint Liquidators ask this Court to force other Exchange customers and creditors to foot the bill for 3AC’s failed strategy,” FTX attorneys wrote. “These claims are illogical and baseless.… The post FTX Claims 3AC’s $1.53 Billion Bid Is a ‘Baseless’ Attempt to Dump Risk appeared first on Coin Edition .

Source: Coin Edition