FTX Lawyers Dispute 3AC's $1.5B Claim
FTX attorneys contend that the $1.5 billion claim by Three Arrows Capital (3AC) lacks logical foundation and should be rejected. A Delaware judge previously allowed 3AC to elevate its claim from $120 million. However, FTX argues this is based on flawed premises and inaccurate data, asserting 3AC's poor trading choices and contractual breaches led to its downturn. FTX recounts that after 3AC's account fell below required levels, they withdrew funds instead of depositing, leading to FTX's justified liquidation of assets worth $82 million. Legal opinions support FTX, arguing 3AC’s theories lack ground. The ensuing hearing for the case is set for August.
FAQ
❓ Why does FTX argue against 3AC's claim?
FTX claims that 3AC's significant losses were due to its own poor trading decisions and contractual breaches, not FTX's actions.
❓ What action did FTX take regarding 3AC's account?
FTX liquidated 3AC's assets totaling $82 million, which they claim preserved asset value and prevented further losses.
❓ When is the next major date in the case?
A non-evidentiary hearing is scheduled for August 12.