⚖️ Crypto Court Drama: Billions in Dispute 💸
A chill, comrade, runs down my spine when I see the pronouncements of these American courts. 🥶 They have allowed those vultures, the liquidators of the departed Three Arrows Capital, to increase their claim against the disgraced FTX from a paltry $120 million… to a staggering $1.53 billion! 🤑
The court, in its infinite wisdom, ruled on March 13th in the grand hall of the US Bankruptcy Court for the District of Delaware, that FTX must cough up these riches to the ghost of 3AC. 🙄 FTX, with the audacity of a cornered weasel, whined that this was untimely and would only slow down their already snail-paced bankruptcy. But the judge, a stoic figure with a gavel like a hammer of justice, brushed aside their plea. 🔨 He claimed the 3AC liquidators had given sufficient notice, as if a mere formality could justify such a colossal sum. 🤨 The judge, in his infinite wisdom, decided that the delay in filing the larger claim was mainly due to FTX not promptly sharing relevant records with 3AC’s liquidators. Ah, the power of bureaucracy! 🥱 3AC liquidators needed that information, you see, to properly assess and detail their claim – a claim so large it makes the national debt look like pocket change.
These 3AC liquidators, with their insatiable hunger for retribution, are claiming that FTX held a staggering $1.53 billion in 3AC’s assets. They allege these assets were then liquidated to pay off 3AC’s debts. They further claim these transactions were avoidable and that FTX didn’t provide the information that would’ve uncovered the liquidation. A complex web of deceit, comrade! 🕸️ Or perhaps, just another example of greed in the wild west of crypto.
Both 3AC and FTX were once titans, roaring through the crypto landscape. 🦁 Now, both lie defunct, their empires reduced to rubble. Three Arrows Capital, one of the largest crypto hedge funds, collapsed in June 2022 due to forced liquidation of overleveraged positions in Bitcoin (BTC), Ethereum (ETH), and other altcoins. They filed for bankruptcy in July 2022, leaving a trail of bewildered investors in their wake. Their liquidators are now desperately trying to claw back funds by selling their remaining assets and through lawsuits, the most notable being against FTX and Terraform Labs. ⚖️ FTX, the once-mighty crypto exchange, declared bankruptcy in November 2022. They too are engaged in a messy scramble for funds, filing lawsuits against Binance and Changpeng Zhao, among others. FTX recently started their repayment process, facilitated through the somewhat trustworthy exchanges BitGo and Kraken.
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2025-03-14 11:16