The legal battles surrounding FTX continue to unfold. This time, 3AC has filed a new lawsuit against Sam Bankman-Fried and other former executives, accusing them of illegal actions.
Emergence of 3AC's Lawsuit
3AC filed a lawsuit in the US Bankruptcy Court for the District of Delaware on September 9. Joint liquidators Russell Crumpler and Christopher Farmer plan to depose Bankman-Fried under Rule 45 of the Federal Rules of Civil Procedure.
Allegations Against FTX Leadership
3AC co-founder Zhu Su has accused Bankman-Fried of liquidating $1.5 billion worth of assets without proper justification. Additionally, Ryne Salame is accused of using insider information to front-run client positions, resulting in over $1 billion being cashed out before the FTX collapse. Caroline Ellison, who managed Alameda Research during these events, is also expected to be questioned about interconnected trading and liquidation strategies that may have led 3AC to insolvency.
FTX Cash Distribution Plan
According to a report by Cryptopolitan, the next round of FTX’s cash distributions to creditors is set to begin around September 30, 2025. The record date for eligible claimants was set for August 15. To date, FTX has returned approximately $6.2 billion to creditors after securing court approval for its redistribution plan.
The legal proceedings continue, and further developments in the situation are anticipated. The outcomes of these processes could significantly impact the future of both FTX and 3AC.
