The cryptocurrency exchange FTX has filed a motion in court requesting the dismissal of the lawsuit from the investment fund Three Arrows Capital (3AC) for $1.53 billion. Relevant case materials were published on the official portal of the company Kroll.
This is reported by Finway
Reasons for the Legal Dispute Between FTX and 3AC
According to the liquidators of 3AC, FTX allegedly forcibly liquidated the fund’s accounts and appropriated funds, which, in the view of 3AC representatives, contributed to the organization’s bankruptcy. Initially, in 2023, the liquidators filed a lawsuit for $120 million, but in March 2025, the court agreed to increase the claim amount to $1.53 billion.
The fund accuses FTX of breaching fiduciary duties and unjust enrichment. Representatives of 3AC are convinced that the exchange acted in violation of the contract by closing accounts and using the funds to settle its own debts.
FTX’s Position and Case Details
FTX believes that the accusations are unfounded and that the claim amount is not accurate. The exchange’s lawyers emphasize that the lawsuit is based on “unfounded premises, inaccurate figures, and blindness to real facts.” According to them, the bankruptcy of the fund was caused by 3AC’s risky strategies, not by the actions of the exchange.
“The joint liquidators are asking the court to force other clients and creditors of the exchange to pay for 3AC’s failed strategy by making illogical and unfounded claims for $1.53 billion,” FTX stated.
The exchange acknowledges that it did indeed forcibly liquidate positions worth $82 million, but notes that this was stipulated in the terms of the credit line provided to 3AC. FTX emphasizes that it was 3AC that breached the contract when the account balance fell below $240 million following the collapse of the UST stablecoin. Instead of complying with FTX’s request, the fund withdrew $18 million in ETH tokens, after which the exchange was forced to liquidate positions to avoid a negative balance.
In FTX’s documents, it is also pointed out that the claim amount was calculated by 3AC’s liquidators based on inaccurate data regarding account balances as of June 12, 2022.
According to procedural requirements, 3AC has until July 11, 2025, to file an official response, and the court hearing is scheduled for August 12, 2025.