As an analyst with over two decades of experience in financial markets and a keen interest in the digital asset space, I find myself intrigued by this complex web of claims and counterclaims between these crypto players. The saga unfolding between Three Arrows Capital (3AC), FTX, Terraform Labs, SkyBridge Capital, Anthony Scaramucci, Binance, Changpeng Zhao, and even Waves founder Aleksandr Ivanov is a microcosm of the high-stakes, fast-paced world we’ve come to expect in crypto.
Representatives of the failed cryptocurrency hedge fund Three Arrows Capital (3AC) are said to be planning to adjust their lawsuit against FTX, potentially boosting their demand from $120 million to a staggering $1.53 billion.
Based on Bloomberg reports, it’s alleged that 3AC’s liquidators claim FTX took action to liquidate and seize assets worth approximately $1.33 billion from the hedge fund two weeks before its collapse, in order to settle a debt. The hedge fund contends these transactions were unjust and detrimental, causing damage to creditors of 3AC.
3AC contends that the liquidations should not stand, alleging that FTX undervalued the transactions and violated both trust and the agreement.
From my perspective as an analyst, I’ve found that the collapsed hedge fund has accused FTX of withholding crucial data, which left us scrambling to analyze raw information to ascertain our losses. Consequently, we were only able to verify the sum representing our liquidation by August.
In response, FTX mentioned that someone associated with 3AC was responsible for initiating the asset liquidation, but they have not identified this individual yet. A court hearing is scheduled for November 20th to review 3AC’s request to modify their claim.
3AC liquidators want $1.3 billion from Terraform Labs
3AC, aside from its issues with FTX, is also pursuing claims against another failed crypto company, Terraform Labs. On August 9th, the liquidators of 3AC filed a claim worth $1.3 billion in the bankruptcy case of Terra, which is being handled by the United States Bankruptcy Court for the District of Delaware.
It was claimed by the appointed representatives that Terra provided false information to 3AC regarding the security of the cryptocurrencies within the Terra system. This encompasses the failed algorithmic stablecoin, TerraUSD (UST), and Luna (LUNA).
As per the appointed managers, Terra allegedly boosted the prices of its tokens through deceptive marketing strategies, causing Three Arrows Capital (3AC) to invest heavily. The liquidators are currently pursuing compensation for the direct acquisitions of UST and LUNA.
FTX file lawsuits to recover crypto
In November, FTX, a company that sought bankruptcy protection two years ago, stepped up its own attempts to recover assets.
On November 8th, the bankruptcy estate of FTX initiated a $100 million lawsuit against SkyBridge Capital and its founder, Anthony Scaramucci. The purpose of this legal action is for FTX to recoup funds that its former CEO, Sam Bankman-Fried, invested in business deals with Scaramucci and SkyBridge in 2022.
On November 10th, FTX initiated a lawsuit against cryptocurrency exchange Binance and its previous CEO, Changpeng Zhao. The legal action, filed on behalf of the bankruptcy estate of FTX, alleges that the $1.75 billion deal between Binance and SBF (Sam Bankman-Fried), in which FTX was repurchased, is fraudulent due to the fact that FTX was financially insolvent at the time.
On November 11th, I found myself involved in a legal action initiated by FTX’s trading arm, Alameda Research, against Aleksandr Ivanov, founder of Waves. The lawsuit is part of an effort to retrieve approximately $90 million worth of cryptocurrency assets from Mr. Ivanov’s company. This is according to court documents I’ve been following closely.
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2024-11-14 11:38