Odaily News: Three Arrows Capital (3AC), the crypto hedge fund currently in liquidation, is suing Evelyn Tao Yaqiong, the wife of co-founder Zhu Su, seeking to recover approximately AED 146 million (about $40 million) from the sale of a Dubai property. The liquidators stated that the property was purchased approximately three weeks before 3AC entered liquidation in June 2022, at a price of around AED 110 million (about $30 million). The funds are suspected to have originated from a $50 million cryptocurrency loan Zhu Su obtained from 3AC. In October 2023, while Zhu Su was serving a prison sentence in Singapore, he transferred ownership of the property to his wife, who then sold it in January 2024 for approximately $40 million. The 3AC liquidators believe that Zhu Su's transfer of the property was intended to place assets beyond the reach of creditors and liquidators, and allege that he breached fiduciary duties by transferring company funds to purchase assets. Zhu Su's wife denies the allegations, stating that she was unaware of the source of funds or any alleged misconduct by Zhu Su, and claims that the property was a personal gift to her. She also stated that the couple had been separated since 2022 and believes she is entitled to the proceeds from the property sale. Three Arrows Capital collapsed in 2022 amid the crypto market downturn, owing creditors more than $3 billion. Liquidators have previously sought to recover approximately $1.3 billion in assets from the two co-founders.

Odaily News FTX bankruptcy lawyers have formally requested the court to dismiss the $1.53 billion claim filed by Three Arrows Capital (3AC) on the grounds that the request "lacks logical basis." The lawyers said that the losses claimed by 3AC mainly came from its own spot and leveraged trading operations and fund withdrawals on the FTX platform, and FTX should not be held responsible for this. According to the arrangement, 3AC needs to submit a response document before July 11, and the relevant hearing will be held on August 12. (The Block)

Odaily News A New York judge has ruled that a civil securities fraud lawsuit filed by New York Attorney General Letitia James against crypto venture capital firm Digital Currency Group (DCG) and two of its executives can proceed to trial. In 2023, Letitia James sued DCG and its CEO Barry Silbert, DCG's now bankrupt lending unit Genesis Global Capital and its former CEO Michael Moro, and cryptocurrency exchange Gemini, alleging that they worked together to cover up a huge $1 billion hole on Genesis' balance sheet caused by the collapse of Three Arrows Capital. However, they believed that the Department of Justice's lawsuit did not fully meet the legal requirements and it was impossible to go to trial. The court rejected the request, finding that the Department of Justice's arguments were not problematic. Earlier news, DCG and its executives once again urged the New York Attorney General to withdraw the civil fraud lawsuit. (CoinDesk)

Odaily News The U.S. Bankruptcy Court has approved liquidators of hedge fund Three Arrows Capital (3AC) to expand their claim against FTX to $1.53 billion, overruling objections from FTX debtors who argued that the move was untimely and unfair. According to previous news, in November 2024, the liquidator of Three Arrows Capital sought to modify its claim against FTX, increasing its claim from US$120 million to US$1.53 billion. The liquidator claimed that two weeks before the collapse of the hedge fund, FTX liquidated and seized their assets on the platform to settle US$1.33 billion in debt. The hedge fund claimed that these transactions were "avoidable and unfair" and caused damage to Three Arrows Capital's creditors. Three Arrows Capital believes that the liquidation should be invalid, accusing FTX of underestimating transactions and violating trust and contracts.

Odaily News The "Network State" project Praxis announced on Tuesday that it had raised $525 million in financing, with participation from angel investors such as Arch Lending, Manifold Trading, Farcaster CEO Dan Romero and Worldcoin co-founder Max Novendstern. The project had previously received financing from Paradigm, Alameda Research and Three Arrows Capital. The new funds will be used to build a city at the forefront of technology to support the development of cryptocurrency, artificial intelligence, energy and biotechnology. A report published in the Wall Street Journal stated that the location of the future Praxis city has not yet been determined. The project's website also shows that the project has nearly 14,000 "Praxians" who live all over the world. (The Block)

Odaily News Mavericks owner Mark Cuban said he told presidential candidate Kamala Harris's cryptocurrency adviser over lunch that the collapse of FTX could have been avoided if the SEC chairman was not Gary Gensler. Mark Cuban pointed to Japan's regulatory framework for cryptocurrency businesses, which requires crypto companies to post collateral for digital assets held by customers, as a model for preventing the crisis that shook the industry in 2022. Cuban believes that if SEC Chairman Gensler had acted like Japan, companies like FTX and Three Arrows Capital would not have collapsed. He criticized the SEC's reliance on litigation enforcement rather than implementing active regulation for the crypto industry.

Odaily News According to Nansen monitoring, Nyan Heroes returned the initial investment of $600,000 in the 2021 seed round to Three Arrows Capital and provided an additional $300,000 to creditors. Earlier news, in November 2021, Nyan Heroes announced the completion of a $2.5 million seed round of financing, led by Three Arrows Capital, Mechanism Capital and DeFiance Capital.

Odaily星球日报讯 Genesis Global Capital 的母公司 DCG 首席执行官 Barry Silbert 已提出动议，希望驳回纽约总检察长 Letitia James 对 DCG 的诉讼，DCG 提交的文件称，在三箭资本(Three Arrows Capital)和加密货币交易所 FTX 倒闭后，DCG 并没有从 Genesis 中撤资，而是向受影响的业务贡献了约 14 亿美元（按今天的价格）。（CoinDesk）

Odaily News A U.S. judge has approved a settlement agreement resolving claims and disputes between crypto lending platform BlockFi and bankrupt crypto hedge fund Three Arrows Capital, but ordered the details to remain confidential. During a hearing on February 6, New Jersey Bankruptcy Court Judge Michael Kaplan approved the settlement agreement between the two companies to prevent further legal disputes. BlockFi previously claimed that Three Arrows Capital owed it $129 million, while Three Arrows Capital claimed that BlockFi owed it $280 million. Judge Kaplan declined to disclose the contents of the settlement, calling it counterintuitive to do so, and rejected an objection by the U.S. Trustee that the terms should be disclosed because the debtors had not demonstrated a need to keep the settlement confidential. (Cointelegraph)

Odaily星球日报讯 GeminiTrust在社交媒体上表示，昨天晚些时候，Genesis提交了授权出售信托资产的动议。这是继1月10日批准GBTC作为ETP之后迈出的重要一步。正如动议中详细说明的那样，Genesis正在寻求破产法庭的授权，以将其在GBTC、Grayscale Ethereum Trust（ETHE）和Grayscale Ethereum Classic Trust（ETCG）中的权益货币化。