FTX Slams 3AC’s $1.5 Billion Claim as Baseless

- FTX's legal team disputes 3AC's $1.5 billion claim in Delaware bankruptcy court. - Lawyers assert 3AC's losses were self-inflicted, unrelated to FTX's actions. On June 22, 2025, The Block reported that FTX's lawyers are vigorously contesting a $1.5 billion claim filed by the now-defunct trading firm Three Arrows Capital (3AC) in Delaware bankruptcy court. FTX's legal team argues for the claim's complete dismissal, asserting that 3AC's significant financial losses resulted from its own actions, not those of FTX. The current legal dispute was sparked by a court decision in March, which allowed 3AC to increase its initial claim against FTX from $120 million to $1.5 billion. 3AC claimed it uncovered new evidence allegedly indicating FTX liquidated $1.5 billion of 3AC's assets just before 3AC's own liquidation. However, FTX's lawyers refute these claims, arguing they rest on what FTX considers an unreasonable and unsupportable starting premise, utilize inaccurate figures, and demonstrate blindness to the actual events that occurred. FTX maintains that 3AC's collapse resulted from its own extensive spot and margin trading activities, which FTX partly financed with a $120 million line of credit. While FTX acknowledges it forcibly liquidated $82 million from 3AC's account, the firm argues this liquidation was contractually required because 3AC breached its agreements in June 2022, following the Terra collapse. Specifically, 3AC failed to maintain the necessary account balance and withdrew $18 million in ETH instead of depositing additional assets. Consequently, FTX asserts this liquidation preserved the remaining value of 3AC's assets. Supporting FTX's position, declarations from Alvarez & Marsal and a British Virgin Islands KC described FTX's actions as reasonable and necessary and criticized 3AC's legal theories as unsound. Furthermore, FTX's lawyers accuse 3AC of attempting to recover its losses at the expense of legitimate FTX creditors. Three Arrows Capital has until July 11 to respond to FTX's objections, and the court has scheduled a non-evidentiary hearing for August 12. Market data on June 22, 2025, at 23:09 UTC, showed the FTX Token (FTT) trading at $0.725, with its 24-hour trading volume having decreased by 2.897%.