The liquidators of the collapsed crypto hedge fund Three Arrows Capital (3AC) are seeking to increase their claim against FTX from $120 million to $1.53 billion.
The claim centers around FTX’s liquidation of 3AC’s assets to settle a $1.33 billion debt just weeks before the hedge fund’s collapse. 3AC argues the liquidation was unfair, with undervalued transactions and delays in providing key information.
FTX has countered, suggesting an unidentified 3AC individual initiated the liquidation. A court hearing on November 20 will address the motion.
Beyond FTX, 3AC’s liquidators are also pursuing a $1.3 billion claim against Terraform Labs for allegedly misleading 3AC about the stability of its assets, including the failed TerraUSD (UST) and Luna (LUNA).
FTX, in the meantime, is intensifying recovery efforts, filing lawsuits against SkyBridge Capital, Binance, and Waves founder Aleksandr Ivanov to reclaim funds related to its bankruptcy.
U.S. Senator Bill Hagerty believes stablecoin issuers are on track to become some of the largest holders of U.S. Treasury debt as the regulatory landscape for digital dollar-pegged assets evolves.
Crypto.com has taken another major step in its European expansion, earning regulatory approval to offer crypto derivatives across the European Economic Area under the EU’s financial instruments directive.
Bitget Wallet is taking a big leap forward in its evolution—from a trading app to a full-service crypto lifestyle platform.
Swiss-based Bitcoin Suisse is preparing to break new ground outside Europe after securing initial regulatory approval in the United Arab Emirates.