Crypto Exchange FTX bankrupt [trading] The strategy caused its collapse and its own account activity, not any action of [FTX] – It resulted in a significant decrease in the “value” associated with accounts 3AC in June 2022 “.
“3ac bet in great that the prices of cryptocurrencies would increase the use of cash that it did not [FTX]”FTX’s lawyers wrote in the presentation.
The Delaware Court that supervises the bankruptcy of FTX gave permission to the 3AC liquidators to expand its claim earlier this year, significantly increasing its original $ 120 million claim. This occurred after 3AC lawyers allegedly discovered new evidence that suggested that FTX had liquidated $ 1.53 billion 3AC assets two weeks before the coverage fund began their own liquidation procedures in June 2022. FTX lawyers say that the liquidation of 3AC assets on their platform 3ac lawyers, what was not the loan or 3AC loan, which was not the loan or 3AC loan, which was not the loan of lawyers, which the loan was the loan or the 3AC loan, which the loan was the loan or the 3AC loan. otherwise justified. The Banking Court was put on the side of 3ac, finding insufficient evidence to support the FTX claim of a loan.
In the most recent presentation, FTX assets said that on June 12, 2022 the real value of assets in the 3AC accounts was only $ 284 million – $ 1,017 billion in digital assets and $ 733 million negative in US dollars. They also added that the “first and only” liquidation of the 3AC assets ordered by FTX was on June 14, 2022, and changed $ 82 million in cash cryptography, a movement that they argued “they actually benefited 3AC (no FTX).”
“The joint liquidators seriously inflate the real value of $ 284 million of the assets associated with accounts 3ac on June 12, 2022 in more than $ 1.2 billion, and ignore that the total loss in the value of the account resulted from the decrease in the market price and the 3AC retreats themselves, not any action taken by FTX,” wrote the laws of Banckerper Exchange.
“The joint liquidators ask this Court to force other clients and exchange creditors to pay the invoice of the failed strategy of 3ac by affirming illogical and without foundation claims for $ 1.53 billion …
[T]His is a false premise that lacks legal or objective merit, and, in fact, 3ac is not owed, ”added the lawyers.
FTX, which was one of the largest cryptographic exchanges in the world, requested bankruptcy protection shortly after its collapse in November 2022. The exchange trustee began to distribute $ 5 billion to FTX creditors in May.
3ac collapsed in June 2022, a month after the collapse of the Terra/Luna ecosystem, starting a dominoes collapse of the main cryptographic companies, including Voyager, Celsius, Blockfi and Genesis.
3AC has until July 11 to present an objection before the audience established for August 12.
