Yigit Taha OZTURK 
The bankrupt crypto hedge fund Three Arrows Capital (3AC) has received approval to increase its claim against the collapsed exchange FTX to $1.53 billion. The U.S. Bankruptcy Court reviewed 3AC‘s request and approved the amended filing, stating that it aimed to protect creditors’ rights.
Legal Battle Between 3AC and FTX
In a case heard in the Delaware Bankruptcy Court, Chief Judge John Dorsey rejected objections from FTX creditors. The FTX side argued that 3AC‘s claim was untimely and an attempt to delay the process. However, the court ruled that FTX‘s delayed response in providing necessary documents had caused the delay.
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3AC initially filed a $120 million claim in June 2023. Later, in November 2024, it increased this amount to $1.53 billion, alleging that FTX had engaged in unjust enrichment and failed to fulfill its obligations. According to 3AC, FTX liquidated $1.33 billion of its funds in 2022, causing significant financial damage.
Current Status of the FTX and 3AC Case
FTX objected to 3AC‘s amended claim, arguing that it was filed too late and lacked sufficient information. However, the court determined that 3AC‘s delays resulted from FTX withholding critical records, leading to the approval of the increased claim.
As the FTX bankruptcy proceedings continue, the exchange has also filed lawsuits against SkyBridge Capital, Binance, and Waves to recover lost funds. FTX is actively pursuing legal action to reclaim assets linked to former CEO Sam Bankman-Fried‘s past financial decisions.
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