🚨The 3AC liquidators successfully applied to the bankruptcy court to amend the amount of FTX's claim from $120 million to $1.53 billion. 3AC is a general unsecured creditor, and this increase in claims will reduce the loss ratio of other creditors!

3AC accused FTX of shrinking its $1.53 billion assets in FTX into $120 million in debt through a series of illegal operations:

✅ Biased payments: FTX prioritizes liquidation of 3AC assets before bankruptcy to the detriment of other creditors
✅ Unjust enrichment: Preemptive liquidation profits, resulting in damage to 3AC
✅ Breach of contract: Breach of the transaction agreement and liquidation without reasonable procedures
✅ Fiduciary Duty Breach: FTX prioritizes protecting its own interests to the detriment of 3AC
✅ Low-priced trading: Liquidating 3AC assets at extremely low prices, resulting in additional losses

However, FTX may not compromise easily, the FTX compensation process has entered the execution stage, the new claims may affect the interests of other creditors, and also violate the timeliness of the bankruptcy process, the court should maintain stability, so it is likely to continue to appeal or delay tactics, and may even tentatively negotiate a settlement

This unexpected event will disrupt FTX's debt compensation plan

#FTX $FTT