FTX lawyers say Three Arrows’ $1.5 billion claim is “unreasonable” and should be dismissed

PANews reported on June 23 that according to The Block, FTX's bankruptcy management lawyer recently objected to the $1.53 billion claim filed by Three Arrows Capital (3AC) and asked the court to dismiss it in full. The lawyer said that 3AC's losses were caused by market fluctuations and its own withdrawal of funds, and had nothing to do with FTX. In March of this year, the bankruptcy court approved 3AC to increase its claim from $120 million to $1.53 billion. In November 2024, 3AC claimed that FTX sold $1.5 billion worth of assets two weeks before it initiated liquidation, citing the discovery of new evidence. But FTX's lawyers countered that the claim was based on unreasonable premises, inaccurate data and neglect of facts. FTX pointed out that after Terra collapsed in June 2022, 3AC's account balance was less than $240 million, but it did not make up the margin, but withdrew $18 million in ETH. FTX then closed $820 million in assets to avoid a loss of $18 million when the account went bankrupt. 3AC is required to submit a response by July 11, and the hearing is scheduled for August 12.