The Delaware bankruptcy court that manages the FTX Estate approved a petition on Three Arrows Capital (3AC) Thursday to significantly expand its claim against the assets of $ 120 million to $ 1.53 billion, marking an important development in the continuous consequences of the collapse of Sam Bankman’s Empire Crypto.
3AC, once a dominant cryptographic coverage fund with more than $ 3 billion in informed net assets, collapsed in 2022, while it still had deep financial links with FTX, the cryptographic exchange that faces Sam Bankman-Fried. The coverage fund initially filed a claim test worth $ 120 million against FTX in July 2023, adding its name to a long list of users and investors in FTX that lost money as a result of their sudden insolvency.
In November 2024, the 3AC Liquidators modified their claim after discovering new evidence that suggests that FTX had liquidated $ 1.53 billion in the 3AC assets only two weeks before the coverage fund began its own liquidation procedures two years before. They argued that the FTX settlement of the 3AC funds was carried out to satisfy a responsibility of $ 1.3 billion to FTX, an obligation that 3ac said that it was not sufficiently corroborated.
The bankruptcy of FTX said that the responsibility of $ 1.3 billion represented the guarantee for a loan that FTX made to 3AC, but the court ruled in favor of 3AC, finding insufficient evidence to support the claim of FTX loans.
The ruling allows 3AC to seek a significantly greater portion of the remaining assets of FTX, which potentially remodel the payments of the creditors.
FTX, who began to distribute funds to the creditors in February 2025, said that the expanded claim should have arrived before, arguing that he would carry other creditors and complicate his reorganization plan. However, the Court determined that the delay of 3AC was justified, since the liquidators only discovered the total scope of their claim in mid -2014 due to the missing financial records of FTX and the lack of cooperation of the founders of 3ac, Zhu their and Kyle Davies.
3AC, founded in 2012, had become one of the most influential financial firms in the cryptocurrency industry by 2022. Its collapse was one of the first and greatest dominate to fall before the broader crypto market is promoted in 2022, which finally triggered the chain of events that revealed fraud in the Crypt Empire of Sam Bankman.
Bankman-Fried is currently looking for an appeal of his criminal sentence and his 25-year prison sentence. After the collapse of 3ac, his was arrested in Singapore and sentenced to four months in prison for not cooperating with the 3AC liquidators. Davies did not face any charge related to the collapse of the coverage fund.
The founders of 3AC gathered in 2023 to launch a short -term cryptographic exchange called OPNX, designed to allow users to claims in commercial bankruptcy of failed cryptographic companies, which are closed in February.
With the Court’s decision, 3AC liquidators now have a significantly higher position in the FTX. Banking procedures, asking questions about how the expanded claim will affect the distributions to other creditors. The ruling also underlines the lack of transparency in both FTX and 3ac, which further complicates efforts to unravel the assets and obligations of both companies.
