FTX Lawyer: "3AC's $1.53 Billion Claim Is Unjustified...Should Be Dismissed"

The legal battle between the bankrupt crypto exchange FTX and 3AC (Three Arrows Capital) is intensifying. FTX is responding in opposition after the court allowed 3AC to increase its claim amount from $120 million to $1.53 billion.

On the 22nd (local time), crypto news outlet The Block reported that FTX’s bankruptcy legal team challenged the $1.53 billion claim submitted by 3AC and requested that the court dismiss the claim process entirely.

Previously, in November 2024, 3AC asserted that FTX was responsible for the liquidation of $1.53 billion of 3AC’s assets, which led to a sharp decline in the firm's holdings.

However, FTX’s lawyers argued, "3AC’s losses resulted from market volatility and its own fund withdrawals," and insisted that FTX was not obligated to compensate. FTX further stated, "3AC used a $120 million credit line provided by FTX to engage in high-risk trades, and lost most of these funds, particularly due to the Terra-Luna incident," adding, "In the end, 3AC failed to maintain the required margin balance of over $240 million in its FTX account."

Meanwhile, 3AC must submit its position to the bankruptcy court by July 11, 2025, and a non-evidentiary hearing is scheduled for August 12, 2025.