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- 3ac liquidators increased their bankruptcy complaint against FTX to $ 1.53 billion.
- The court approved the extended complaint involving a breach of contract and unjust enrichment.
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The liquidators of three Arrows Capital (3AC) obtained approval to increase their bankruptcy complaint against FTX from $ 120 million to $ 1.5 billion, according to a judicial file shared today by Michael Bottjer, co-founder of FTXCREDOR, an entity focused on the supply of liquidity solutions for creditors affected by the bankruptcy FTX.
Russell Crumpler and Christopher Farmer, appointed to manage the liquidation of 3ACs in the British Virgin Islands (BVI), initially filed proof of complaint (POC) for $ 120 million, aimed at recovering assets that may have been poorly transferred before 3ac’s bankruptcy.
However, after a more in -depth investigation and discovery, they discovered new evidence indicating that 3AC had about 1.5 billion dollars in FTX exchange on June 12, 2022. Almost all of these assets were liquidated between June 12 and 14, 2022 to satisfy an obligation of $ 1.3 billion in FTX.
These results led to the request of liquidators to modify the POC to increase the amount of the claim of $ 120 million to 1.5 billion dollars
The debtors of the FTX opposed the amendment, arguing that it lacked notice and was filed too late. However, the court determined that the initial complaint provided for sufficient notice, because the two complaints concerned the same basic event – the liquidation of the 3AC FTX account between June 12 and 14, 2022.
The judge noted that the FTX debtors had relevant financial information but retained them from 3ac liquidators, contributing to the deposit of delays. While FTX argued that the increase in the complaint would disrupt its reorganization plan, the court found no concrete evidence supporting this assertion.
In the end, the court ruled in favor of 3AC, allowing the modified POC of $ 1.5 billion to continue.
In addition to FTX, 3ac liquidators also asked for a claim of $ 1.3 billion against Terraform Labs. The file was submitted to the United States bankruptcy court for the Delaware district last August.
Liquidators allege that Terraform laboratories have misleaded 3AC on the stability of Terrausd (UST) and Luna (Luna), artificially inflating their prices by manipulation of the market. This led 3ac to invest massively in these tokens, causing major financial losses when the terra ecosystem collapsed in May 2022.
The co-founder of Terraform Labs, Do Kwon, faces multiple accusations of federal fraud linked to the collapse of the UST and the Luna. His trial should start on January 26, 2026.
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