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A US judge is granting a motion to greatly expand the claim of the failed crypto hedge fund Three Arrows Capital (3AC) against the defunct crypto exchange FTX. According to new court filings, a judge is granting an expansion to 3AC’s claim against FTX, bringing its total up to a staggering $1.53 billion from just $120 million. The document says that FTX, which went bankrupt in 2022 under the leadership of chief executive Sam Bankman-Fried, liquidated $1.53 billion worth of 3AC’s assets on the platform just two weeks before 3AC went under itself. “Liquidators had learned that as of June 12th, 2022, 3AC had approximately $1.53 billion of assets on the FTX platform, and that between the close of business on June 12th, 2022, and the close of business on June 14th, 2022, nearly all of those assets were liquidated. The Liquidators’ analysis further showed that as of the close of business on June 12th, 2022, 3AC had a purported liability (called a ‘negative USD balance’) of approximately $1.3 billion which, in the Liquidators’ view, 3AC’s assets were liquidated to eliminate. In other words, the information obtained by the Liquidators in the year since they filed their Original POC led them to the new conclusion that just two weeks before the commencement of the 3AC Liquidation, the $1.53 billion of assets that 3AC had on the FTX platform were liquidated to satisfy $1.3 billion in liabilities to FTX.” 3AC was hit hard and subsequently failed to meet its margin calls after the Terra (LUNA) ecosystem collapsed in 2022, causing $40 billion to vanish from the digital assets industry. Around that time, 3AC was hit with a notice of default on a $665 million debt owed to the crypto hedge fund Voyager Digital. FTX also went bankrupt after the collapse of Terra. Bankman-Fried was later found guilty of defrauding investors and mishandling billions of dollars worth of customer funds. He was found guilty in 2023 and sentenced to decades behind bars. Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post US Judge Grants Motion Expanding Three Arrows Capital’s Claim Against Bankrupt Exchange FTX to $1,530,000,000 appeared first on The Daily Hodl .
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Regulators 3AC court case Crypto crypto hedge fund crypto lender FTX News Three Arrows Capital
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
‘Be on Guard’: Trader Says Altcoin Bounce May Be Temporary, Tracks Bitcoin’s Next Targets
A widely followed crypto analyst and trader is warning that an altcoin market bounce may end up being short-lived. In a new post, pseudonymous crypto trader Altcoin Sherpa tells his 243,900 followers on the social media platform X that alts may give up gains after bouncing based on historical precedence. He also says Bitcoin ( BTC ) may soon flip $84,000 into support and that the flagship crypto asset could maintain bullish momentum by breaking through the $89,000 level. “BTC looks like $84,000 is the first test that is going to break (to the upside) and we’re ok in that department. $89,000 would be my next level of interest overall. Alts looking like they’ll give a temporary bounce but not sure how strong (yet). Be on guard.” Source: Altcoin Sherpa/X Looking at his chart, the analyst suggests that if Bitcoin can regain $98,703 as support, the flagship crypto asset may print new all-time highs. However, he warns if $78,167 breaks down as support, Bitcoin may plummet into the $60,000 range. Bitcoin is trading for $84,154 at time of writing, up 4.6% in the last 24 hours. The analyst also warns that altcoins like the dogwifhat ( WIF ) memecoin may struggle for a long time to ever regain higher price targets if Bitcoin turns bearish. “It’s a lot more concerning for sh**coins this go around because BTC might actually be dead for a bit. In the previous drawdown, we had a lot more hope because we assumed BTC still had more upside. If BTC dies to $50,000 or w/e (whatever), these aren’t coming back for a very long time. See WIF.” Source: Altcoin Sherpa/X WIF is trading for $0.50 at time of writing, up 9.7% in the last 24 hours. He adds that altcoins may bounce even as they continue to print a bearish lower-high price structure. “As much as everything is dead and we’re truly in a bear market for altcoins, it’s important to remember that a bounce will come and alts can still do a few x from current levels. Markets don’t move in a straight line down. Bounce coming within the next one to two months in my opinion.” He shares the two-day chart of Ethereum ( ETH ) to illustrate the historical precedence of an altcoin bouncing amid a larger downtrend. Source: Altcoin Sherpa/X Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post ‘Be on Guard’: Trader Says Altcoin Bounce May Be Temporary, Tracks Bitcoin’s Next Targets appeared first on The Daily Hodl . The Daily Hodl
The SEC Sparks Speculation Around XRP, Solana, and Cardano Usage
The SEC`s silence on altcoins raises concerns about misinformation in the market. Experts stress the importance of relying on verified sources for investment decisions. Continue Reading: The SEC Sparks Speculation Around XRP, Solana, and Cardano Usage The post The SEC Sparks Speculation Around XRP, Solana, and Cardano Usage appeared first on COINTURK NEWS . The Daily Hodl
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