CDS Crypto News 3AC Liquidators Accuse FTX of Unfair Asset Seizure, Raising Claim to $1.53 Billion
Crypto News

3AC Liquidators Accuse FTX of Unfair Asset Seizure, Raising Claim to $1.53 Billion

99
3Ac Liquidators Accuse Ftx Of Unfair Asset Seizure, Raising Claim To $1.53 Billion

3AC Liquidators Pursue $1.53 Billion Claim Against FTX in Alleged Unfair Transactions

3Ac Liquidators Pursue $1.53 Billion Claim Against Ftx In Alleged Unfair Transactions

According to reports, liquidators of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC) are attempting to revise their claim against FTX, raising it from $120 million to $1.53 billion. Bloomberg reports that 3AC’s liquidators claim that FTX liquidated and seized their assets on the platform to pay off a $1.33 billion debt two weeks before the hedge fund’s demise. The hedge fund asserts that the transactions hurt 3AC creditors and were “avoidable and unfair.”

3AC asserts that the liquidations ought to be void, alleging that FTX violated the terms of the contract and undervalued the transactions. Additionally, according to the insolvent hedge fund, 3AC had to parse raw data in order to compute losses because FTX failed to provide the required information on time. 3AC stated that it could only verify the liquidated amount in August as a result. In response, FTX stated that the asset liquidation was started by an unnamed person associated with 3AC. As of yet, FTX has not identified the individual. On November 20, the court will consider 3AC’s move to alter the lawsuit.

Three Arrows Capital Pursues $1.3B Claim Against Terraform Labs, Citing Token Manipulation

In addition to FTX, 3AC is pursuing claims against Terraform Labs, another defunct cryptocurrency company. In Terra’s bankruptcy case, 3AC’s liquidators submitted a $1.3 billion claim to the US Bankruptcy Court for the District of Delaware on August 9. Terra allegedly misled 3AC regarding the stability of cryptocurrency holdings within the Terra ecosystem, according to the 3AC liquidators. This includes Luna (LUNA) and TerraUSD (UST), two algorithmic stablecoins that have crashed.

The 3AC liquidators claim that Terra manipulated the value of these tokens through promotion, causing 3AC to make large investments. The liquidators are requesting damages for the direct acquisitions of UST and LUNA.

For more up-to-date crypto news, you can follow Crypto Data Space.

3Ac Liquidators Accuse Ftx Of Unfair Asset Seizure, Raising Claim To $1.53 Billion
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

Solana Price: Will SOL Break All-Time High?

Discover the latest trends in crypto with DTX Exchange's rise, Solana's potential,...

Sui Blockchain Welcomes FDUSD: A Game-Changer for Stablecoins and DeFi

FDUSD has launched on the Sui blockchain, becoming the second native stablecoin...

Bitcoin Price Skyrockets to $94K with ETF Launches and Trump’s Transition

Bitcoin surges past $94K as traders watch Trump’s transition and Bitcoin ETF...

Crypto News – MicroStrategy Upsizes Convertible Note Offering to $2.6 Billion for Bitcoin Acquisitions

MicroStrategy has upsized its convertible note offering to $2.6 billion to acquire...