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 the 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. 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. 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 3AC founders reunited in 2023 to launch a short-lived crypto exchange called OPNX, 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 . The ruling also underscores the lack of transparency at both FTX and 3AC.

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

The Delaware bankruptcy court approved Three Arrows Capital's (3AC) petition to expand its claim against the FTX estate from $120 million to $1.53 billion. This decision, made in the ongoing fallout from Sam Bankman-Fried's crypto empire, marks a significant development in the case. 3AC, a once-dominant crypto hedge fund, had deep financial ties to FTX and collapsed in 2022. In November 2024, 3AC's liquidators amended their claim based on new evidence suggesting FTX had liquidated $1.53 billion in 3AC's assets. The court ruled in favor of 3AC, allowing it to pursue a larger portion of FTX's remaining assets, which could reshape creditor payouts.