According to FoxNews, the estate of bankrupt crypto exchange FTX has filed a motion to reject a $1.53 billion claim from the liquidators of hedge fund Three Arrows Capital (3AC). FTX's lawyers argue that 3AC is owed nothing, attributing the hedge fund's collapse to its own high-risk trading strategies and significant withdrawals prior to its downfall. The filing asserts that on June 12, 2022, the actual net value of 3AC's accounts was only $284 million, a figure drastically lower than the claimed amount. FTX contends that the loss in account value resulted from market price declines and 3AC's own actions, not any liquidation or improper activity by FTX. This legal challenge seeks to prevent other FTX creditors from having to cover losses from what FTX describes as 3AC's failed bets on rising cryptocurrency prices.

According to @FoxNews, NBA legend Shaquille O’Neal has agreed to a $1.8 million settlement to resolve a class-action lawsuit related to his promotion of the collapsed crypto exchange FTX. The settlement, which awaits court approval, would release O'Neal from future claims without an admission of wrongdoing. Concurrently, the FTX bankruptcy estate is strongly contesting a $1.53 billion claim from the defunct crypto hedge fund Three Arrows Capital (3AC). FTX's lawyers argue in a court filing that 3AC is owed nothing, attributing the fund's collapse to its own risky trading strategies and market downturns. The estate claims the actual value of 3AC's accounts was only $284 million in June 2022, not the $1.53 billion claimed, and that any losses resulted from 3AC's own withdrawals and market price declines. The outcome of this dispute is significant for FTX creditors, as it will directly affect the total assets available for distribution from the bankruptcy proceedings.