Three Arrows Capital raises its claim amount against FTX to USD 1.53 billion. Can the former encryption fund king 3AC make a comeback?

According to Bloomberg, the liquidation team of Three Arrows Capital (3AC), once one of the world's largest cryptocurrencyHedging funds, is applying to the court to revise the amount of its claim against the bankrupt Cryptocurrencyexchange FTX, which is expected to increase from $120 million to $1.53 billion. (Synopsis: Exclusive Interview" Three Arrows Capital Zhu Su's mood after his release from prison: FTX collapse secret, Halving market analysis, restake, USDe cycle where? (Background added: Anti-shedding!) Three Arrows Capital founders Zhu Su and Kyle Davies more than 1.1 billion magnesium assets frozen by the court) According to Bloomberg, the liquidation team of Three Arrows Capital (3AC), one of the world's largest cryptocurrencyHedging funds, is applying to the court to revise the amount of its claim against the bankrupt CryptocurrencyExchange FTX, which is expected to increase from 1.2 previously $100 million increased to $1.53 billion. 3AC: Assets seized by FTX In response, the 3AC liquidation team said that two weeks before the collapse of Three Arrows Capital, FTX liquidated and seized 3AC's assets on the platform and used the funds to pay off $1.33 billion in debt. 3AC argues that this liquidation and seizure of FTX is unfair and entirely avoidable, which ultimately causes harm to 3AC's creditors. In addition, 3AC also accused FTX of latency to provide the necessary information, which also forced 3AC to calculate the loss by parsing the raw data, which ultimately led to it not confirming the liquidation amount until August. Accordingly, 3AC believes that these liquidations should be considered invalid, that FTX undervalued the transaction and breached the terms of trust and contract. However, FTX responded that the liquidation of 3AC was initiated by an anonymous individual related to 3AC, and FTX has not yet confirmed the identity of this person. Still, the court is scheduled to hold a hearing on November 20 to discuss 3AC's motion to amend the amount claimed. 3AC claims $1.3 billion from Terraform Labs In addition to its claims against FTX, as early as August this year, the 3AC liquidation team filed with the Delaware bankruptcy court in the United States to ask Terraform Labs for $1.3 billion in damages, when the 3AC liquidation team said that Terra misled 3AC by promoting its AlgorithmStable Coin UST and LUNA Token in an artificially value-enhancing way Investing heavily in it, resulting in fatal losses for 3AC: These misrepresentations and missed risk warnings caused 3AC's investment in the Terra ecosystem to face bankruptcy after UST depeg, causing significant losses. Can 3AC be resurrected? As one of the world's largest cryptocurrencyHedging funds, Three Arrows Capital was founded in 2012 and has reached a maximum of $18 billion. However, because Three Arrows Capital adopted a riskier trading strategy in the coin circle, lending billions of dollars to institutions such as Exchange Blockchain.com, encryption lending company Genesis and lending platform BlockFi for investment, but later, with the collapse of UST triggering market chain liquidation, 3AC investment shrank significantly, and insolvency eventually filed for bankruptcy. With the bankruptcy of 3AC, the $1.14 billion assets of Three Arrows founders Zhu Su, Kyle Davies and their wives were also frozen by the BVI courts, and Zhu Su and Kyle Davies were both sentenced to four months in prison. (Zhu Su has been released from prison, Kyle Davies has left Singapore and has not yet served his sentence) At present, Three Arrows Capital has filed more than $1 billion in claims against FTX and Terraform Labs, respectively, and the market has begun to follow, does Three Arrows Capital have a chance to make a comeback? In this regard, the author believes that even if Three Arrows Capital recovers these funds, it may be difficult to restart, for the following reasons: First, the MAS said last year that because of the collapse of Three Arrows Capital, a 9-year ban has been issued on Zhu Su and Kyle Davies, and Zhu Su and Kyle Davies have also been banned from managing, serving as directors or becoming significant shareholders of any capital market services company, and the statement also accused Three Arrows Capital of providing false information and failing to implement appropriate risks Management。 In addition, the funds obtained will be reimbursed to 3AC's creditors on a priority basis, and there should be no funds that can be allocated for new business. Related reports Three Arrows Capital founder Zhu Su arrested, his mansion turned into a farm by his wife News Zhu Su arrested in Singapore! Jailed for 4 months for not cooperating with Three Arrows Capital liquidation Sotheby's second wave auction "Three Arrows Capital Liquidation Non-fungible Token" with a total price of nearly $11 million (Three Arrows Capital's claim to FTX increased to $1.53 billion, can the former king of the encryption fund 3AC come back to life?). This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".