EddieJayonCrypto
14 Mar 25
The United States Bankruptcy Court for the District of Delaware has granted a motion allowing the joint liquidators of Three Arrows Capital (3AC) to amend their original proof of claim in the FTX bankruptcy proceedings. This increases their claims from $120 million to $1.53 billion, broadening alleg...
3AC's liquidators secured a major victory in the FTX case after amending their proof of claim from $120 million to $1.53 billion. The amendment broadened allegations against FTX to include breach of contract, breach of fiduciary duty, unjust enrichment, and proprietary restitutionary claims. The liquidators, Russell Crumpler and Christopher Farmer, faced obstacles during their investigation, including a lack of proper records from 3AC and minimal cooperation from the company’s founders. FTX objected to the amendment, but the court dismissed their objections, attributing much of the delay to FTX's failure to provide necessary documents promptly.
The development occurred alongside former FTX CEO Sam Bankman-Fried's efforts to secure a pardon from President Donald Trump. Bankman-Fried's ongoing attempts to align himself with right-wing figures and seek legal counsel linked to Trump have triggered skepticism within the crypto community regarding the likelihood of a pardon.
This latest development is significant in the ongoing saga of the FTX bankruptcy proceedings and reflects the complexities and challenges faced by the involved parties.