FTX Disputes 3AC’s $1.53B Claim, Blames Collapse on Risky Strategy

Bankrupt crypto exchange FTX is pushing back against a $1.53 billion claim by collapsed hedge fund Three Arrows Capital (3AC), arguing in a Delaware court filing that 3AC’s own high-risk trading strategy caused its downfall. FTX lawyers assert that 3AC used borrowed funds to make leveraged crypto bets and began liquidating its own assets when markets crashed in June 2022—not because of any action taken by FTX.

Originally, 3AC filed a $120 million claim, but this was later expanded after its liquidators alleged that FTX had improperly liquidated $1.53 billion in assets from 3AC’s accounts just two weeks before 3AC entered liquidation. FTX refutes the claim, stating that the liquidation on June 14, 2022, involved only $82 million and was done to satisfy a loan—though the court found FTX lacked sufficient evidence to substantiate the loan claim.

According to FTX’s recent filing, the value of 3AC’s assets on June 12, 2022, stood at just $284 million—$1.017 billion in digital assets offset by $733 million in liabilities. FTX contends that 3AC’s liquidators are inflating the figure by over $1.2 billion and are wrongly blaming FTX for 3AC’s market losses and withdrawals.

FTX lawyers argue that granting the claim would unfairly penalize other creditors and that 3AC is not entitled to any recovery. They insist the hedge fund is attempting to shift blame for its own collapse following the broader crypto downturn triggered by the Terra/LUNA meltdown.

3AC has until July 11 to file an objection. The next court hearing is scheduled for August 12. FTX, once a leading global exchange, began distributing $5 billion to creditors in May 2025.