However, recently-discovered evidence shows that the FTX exchange liquidated $1.53 billion worth of 3AC’s assets just two weeks ahead of the hedge fund’s collapse.3AC “asked a bankruptcy court to let it increase its claim against FTX from $120 million to $1.53 billion,” according to “Mbottjer,” the pseudonymous co-founder of FTX Creditor, a group FTX creditors and bankruptcy claim buyers.“3AC says it only recently discovered evidence that FTX liquidated $1.53B of 3AC’s assets just two weeks before 3AC itself went into liquidation, much more than the $120M originally claimed,” they stated.
Related: US court gives Three Arrows nod to increase its FTX claim to $1.53BMissing $1.5 billion not enough to avoid 3AC collapseWhile the $1.53 billion sum is significantly larger than FTX’s previously disclosed liquidations, it may not have been enough to save 3AC from bankruptcy, according to Nicolai Sondergaard, research analyst at Nansen:“From what I can see, even if they in 2022 had the additional $1.5 billion they still would not have been able to meet creditor claims/debt repayments.”“Without being a legal expert, it seems to me that 3AC, while being allowed to pursue a much larger amount, likely won’t get the full $1.53 billion claim.
A court ruled that 3AC acted in good faith, allowing it to pursue its full $1.53 billion claim in FTX’s bankruptcy case.On Dec.21, 2023, a British Virgin Islands court froze $1.14 billion worth of 3AC co-founder Kyle Davies and Su Zhu’s assets.
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Author / Journalist: Cointelegraph by Zoltan Vardai
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