FTX Payouts at Risk? Court Approves 3AC’s $1.53B Bitcoin Claim
A U.S. bankruptcy court has granted permission for 3AC’s liquidators to substantially increase their claims against the defunct exchange FTX—from an initial $120 million to a staggering $1.53 billion.
The U.S. Bankruptcy Court for the District of Delaware sided with 3AC’s liquidators, dismissing FTX’s objections that the revised claim was excessive.
Court Justification and Delays
In its ruling, the court noted that the 3AC liquidators had submitted their request for a claim adjustment in a timely manner. The alleged delay, it stated, stemmed from FTX’s failure to promptly share critical financial records.
“The evidence indicates that the 3AC liquidators made consistent efforts to obtain necessary information, while FTX repeatedly delayed providing it, despite already having access to the relevant records,” the court stated.
Evolution of the Claim
Initially, 3AC’s liquidators had filed a $120 million claim in FTX’s bankruptcy proceedings in June 2023. However, by November 2024, they expanded their claim significantly, citing grounds such as breach of contract, unjust enrichment, and breach of fiduciary duty.
FTX’s bankruptcy estate pushed back against the request, arguing that the increased claim was disproportionately large. The estate further warned that if approved, it could severely impact the restructuring plan and cause financial setbacks for other creditors.
FTX’s Ongoing Creditor Payouts
Despite the legal battle, FTX has already begun distributing funds to its creditors as part of its bankruptcy proceedings. The exchange made its first round of payments last month and intends to continue settling outstanding claims in the coming months.
Editorial Team
Reporter at Coindoo
