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Court Approves 3AC’s $1.53B Claim Against FTX, Setting Up Major Creditor Battle

Published

6 месяцев ago

14 марта, 2025

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The Delaware bankruptcy court handling the FTX estate approved a petition on Thursday from Three Arrows Capital (3AC) to significantly expand its claim against the estate from $120 million to $1.53 billion, marking a major development in the ongoing fallout from the collapse of Sam Bankman-Fried’s crypto empire.

3AC, once a dominant crypto hedge fund with over $3 billion in reported net assets, collapsed in 2022 while it still had deep financial ties to FTX, Sam Bankman-Fried’s soon-to-collapse crypto exchange. The hedge fund initially filed a proof of claim worth $120 million against FTX in July 2023 — adding its name to a long list of users and investors in FTX who lost money as a result of its sudden insolvency.

In November 2024, 3AC’s liquidators amended their claim after discovering new evidence suggesting that FTX had liquidated $1.53 billion in 3AC’s assets just two weeks before the hedge fund commenced its own liquidation proceedings two years prior. They argued that FTX’s liquidation of 3AC’s funds was carried out to satisfy a $1.3 billion liability to FTX, an obligation that 3AC claimed was not sufficiently substantiated.

FTX’s bankruptcy said the $1.3 billion liability represented collateral for a loan FTX made to 3AC, but the court ruled in favor of 3AC, finding insufficient evidence to support FTX’s loan claim.

The ruling allows 3AC to pursue a significantly larger portion of FTX’s remaining assets, potentially reshaping creditor payouts.

FTX, which began distributing funds to creditors in February 2025, said the expanded claim should have come sooner, arguing that it would burden other creditors and complicate its reorganization plan. The court, however, determined that 3AC’s delay was justified, given that the liquidators only uncovered the full extent of their claim in mid-2024 due to missing financial records from FTX and a lack of cooperation from 3AC’s founders, Zhu Su and Kyle Davies.

3AC, founded in 2012, had grown into one of the most influential financial firms in the cryptocurrency industry by 2022. Its collapse was among the first and largest dominoes to fall before the broader crypto market imploded in 2022, which ultimately set off the chain of events that revealed fraud in Sam Bankman-Fried’s crypto empire.

Bankman-Fried is currently pursuing an appeal of his criminal conviction and 25-year prison sentence. Following the collapse of 3AC, Su was detained in Singapore and sentenced to four months in prison for failing to cooperate with 3AC’s liquidators. Davies did not face any charges connected to the hedge fund’s collapse.

The 3AC founders reunited in 2023 to launch a short-lived crypto exchange called OPNX — designed to allow users to trade bankruptcy claims of failed crypto companies — which shut down in February.

With the court’s decision, 3AC’s liquidators now have a significantly larger position in the FTX. bankruptcy proceedings, raising questions about how the expanded claim will impact distributions to other creditors. The ruling also underscores the lack of transparency at both FTX and 3AC — further complicating efforts to untangle both firms’ assets and obligations.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

1 час ago

16 сентября, 2025

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Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Keyrock, founded in Brussels, Belgium and best known for its work in market making, options and OTC trading, said it will fold Turing Capital’s investment strategies and Luxembourg fund management structure into its wider platform. The division will be led by Turing Capital co-founder Jorge Schnura, who joins Keyrock’s executive committee as president of the unit.

The company said the expansion will allow it to provide services across the full lifecycle of digital assets, from liquidity provision to long-term investment strategies. «In the near future, all assets will live onchain,» Schnura said, noting that the merger positions the group to capture opportunities as traditional financial products migrate to blockchain rails.

Keyrock has also applied for regulatory approval under the EU’s crypto framework MiCA through a filing with Liechtenstein’s financial regulator. If approved, the firm plans to offer portfolio management and advisory services, aiming to compete directly with traditional asset managers as well as crypto-native players.

«Today’s launch sets the stage for our longer-term ambition: bringing asset management on-chain in a way that truly meets institutional standards,» Keyrock CSO Juan David Mendieta said in a statement.

Business

Crypto Trading Firm Keyrock Buys Luxembourg’s Turing Capital in Asset Management Push

Published

1 час ago

16 сентября, 2025

admin

Crypto trading firm Keyrock said it’s expanding into asset and wealth management by acquiring Turing Capital, a Luxembourg-registered alternative investment fund manager.

The deal, announced on Tuesday, marks the launch of Keyrock’s Asset and Wealth Management division, a new business unit dedicated to institutional clients and private investors.

Business

Gemini Shares Slide 6%, Extending Post-IPO Slump to 24%

Published

1 час ago

16 сентября, 2025

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Gemini Space Station (GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, has seen its shares tumble by more than 20% since listing on the Nasdaq last Friday.

The stock is down around 6% on Tuesday, trading at $30.42, and has dropped nearly 24% over the past week. The sharp decline follows an initial surge after the company raised $425 million in its IPO, pricing shares at $28 and valuing the firm at $3.3 billion before trading began.

On its first day, GEMI spiked to $45.89 before closing at $32 — a 14% premium to its offer price. But since hitting that high, shares have plunged more than 34%, erasing most of the early enthusiasm from public market investors.

The broader crypto equity market has remained more stable. Coinbase (COIN), the largest U.S. crypto exchange, is flat over the past week. Robinhood (HOOD), which derives part of its revenue from crypto, is down 3%. Token issuer Circle (CRCL), on the other hand, is up 13% over the same period.

Part of the pressure on Gemini’s stock may stem from its financials. The company posted a $283 million net loss in the first half of 2025, following a $159 million loss in all of 2024. Despite raising fresh capital, the numbers suggest the business is still far from turning a profit.

Compass Point analyst Ed Engel noted that GEMI is currently trading at 26 times its annualized first-half revenue. That multiple — often used to gauge whether a stock is expensive — means investors are paying 26 dollars for every dollar the company is expected to generate in sales this year. For a loss-making company in a volatile sector, that’s a steep price, and could be fueling investor skepticism.