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Newly revealed court documents show that FTX secretly liquidated $1.53 billion in Three Arrows Capital (3AC) assets just two weeks before the hedge fund collapsed in 2022. The disclosure challenged previous narratives that 3AC’s downfall was solely market-driven.Once valued at over $10 billion, 3AC collapsed in mid-2022 after a series of leveraged directional trades turned sour. The hedge fund had borrowed from over 20 large institutions before the May 2022 crypto crash, which saw Bitcoin (BTC) fall to $16,000.However, recently-discovered evidence shows that the FTX exchange liquidated $1.53 billion worth of 3AC’s assets just two weeks ahead of the hedge fund’s collapse.3AC “asked a bankruptcy court to let it increase its claim against FTX from $120 million to $1.53 billion,” according to “Mbottjer,” the pseudonymous co-founder of FTX Creditor, a group FTX creditors and bankruptcy claim buyers.“3AC says it only recently discovered evidence that FTX liquidated $1.53B of 3AC’s assets just two weeks before 3AC itself went into liquidation, much more than the $120M originally claimed,” they stated.Source: MbottjerThe crypto hedge fund claims it was never notified of these liquidations due to FTX’s own bankruptcy proceedings. A court ruled that 3AC acted in good faith, allowing it to pursue its full $1.53 billion claim in FTX’s bankruptcy case.On Dec. 21, 2023, a British Virgin Islands court froze $1.14 billion worth of 3AC co-founder Kyle Davies and Su Zhu’s assets. Teneo has since estimated that 3AC creditors are still owed roughly $3.3 billion following the hedge fund’s collapse in 2022.Davies claimed that allegations from Teneo — the firm in charge of 3AC’s liquidation — that he and co-founder Su Zhu were “not cooperating” were exaggerated.Related: US court gives Three Arrows nod to increase its FTX claim to $1.53BMissing $1.5 billion not enough to avoid 3AC collapseWhile the $1.53 billion sum is significantly larger than FTX’s previously disclosed liquidations, it may not have been enough to save 3AC from bankruptcy, according to Nicolai Sondergaard, research analyst at Nansen:“From what I can see, even if they in 2022 had the additional $1.5 billion they still would not have been able to meet creditor claims/debt repayments.”“Without being a legal expert, it seems to me that 3AC, while being allowed to pursue a much larger amount, likely won’t get the full $1.53 billion claim. It seems realistic that they will get more, but how much is uncertain,” the analyst added.Related: 3AC liquidators file $1.3B claim against Terraform LabsBinance co-founder and former CEO Changpeng Zhao called the revelations an “interesting turn of events.”Source: CZ BNB“I am curious if FTX had anything to do with the LUNA/UST crash/depeg in May 2022,” Zhao said in a March 14 X post.The collapse of 3AC occurred a month after that of Terraform Labs’ Terra (LUNC) and TerraClassicUSD (USTC) tokens and shortly before crypto lender Celsius paused all user withdrawals after its native token Celsius (CEL) dropped 90%.Magazine: ‘Hong Kong’s FTX’ victims win lawsuit, bankers bash stablecoins: Asia Express

Newly revealed court documents show that FTX secretly liquidated $1.53 billion in Three Arrows Capital (3AC) assets just two weeks before the hedge fund collapsed in 2022. The disclosure challenged previous narratives that 3AC’s downfall was solely market-driven.Once valued at over $10 billion, 3AC collapsed in mid-2022 after a series of leveraged directional trades turned sour. The hedge fund had borrowed from over 20 large institutions before the May 2022 crypto crash, which saw Bitcoin (BTC) fall to $16,000.However, recently-discovered evidence shows that the FTX exchange liquidated $1.53 billion worth of 3AC’s assets just two weeks ahead of the hedge fund’s collapse.3AC “asked a bankruptcy court to let it increase its claim against FTX from $120 million to $1.53 billion,” according to “Mbottjer,” the pseudonymous co-founder of FTX Creditor, a group FTX creditors and bankruptcy claim buyers.“3AC says it only recently discovered evidence that FTX liquidated $1.53B of 3AC’s assets just two weeks before 3AC itself went into liquidation, much more than the $120M originally claimed,” they stated.Source: MbottjerThe crypto hedge fund claims it was never notified of these liquidations due to FTX’s own bankruptcy proceedings. A court ruled that 3AC acted in good faith, allowing it to pursue its full $1.53 billion claim in FTX’s bankruptcy case.On Dec. 21, 2023, a British Virgin Islands court froze $1.14 billion worth of 3AC co-founder Kyle Davies and Su Zhu’s assets. Teneo has since estimated that 3AC creditors are still owed roughly $3.3 billion following the hedge fund’s collapse in 2022.Davies claimed that allegations from Teneo — the firm in charge of 3AC’s liquidation — that he and co-founder Su Zhu were “not cooperating” were exaggerated.Related: US court gives Three Arrows nod to increase its FTX claim to $1.53BMissing $1.5 billion not enough to avoid 3AC collapseWhile the $1.53 billion sum is significantly larger than FTX’s previously disclosed liquidations, it may not have been enough to save 3AC from bankruptcy, according to Nicolai Sondergaard, research analyst at Nansen:“From what I can see, even if they in 2022 had the additional $1.5 billion they still would not have been able to meet creditor claims/debt repayments.”“Without being a legal expert, it seems to me that 3AC, while being allowed to pursue a much larger amount, likely won’t get the full $1.53 billion claim. It seems realistic that they will get more, but how much is uncertain,” the analyst added.Related: 3AC liquidators file $1.3B claim against Terraform LabsBinance co-founder and former CEO Changpeng Zhao called the revelations an “interesting turn of events.”Source: CZ BNB“I am curious if FTX had anything to do with the LUNA/UST crash/depeg in May 2022,” Zhao said in a March 14 X post.The collapse of 3AC occurred a month after that of Terraform Labs’ Terra (LUNC) and TerraClassicUSD (USTC) tokens and shortly before crypto lender Celsius paused all user withdrawals after its native token Celsius (CEL) dropped 90%.Magazine: ‘Hong Kong’s FTX’ victims win lawsuit, bankers bash stablecoins: Asia Express

Newly revealed court documents show that FTX secretly liquidated $1.53 billion in Three Arrows Capital (3AC) assets just two weeks before the hedge fund collapsed in 2022. The disclosure challenged previous narratives that 3AC’s downfall was solely market-driven.Once valued at over $10 billion, 3AC collapsed in mid-2022 after a series of leveraged directional trades turned sour. The hedge fund had borrowed from over 20 large institutions before the May 2022 crypto crash, which saw Bitcoin (BTC) fall to $16,000.However, recently-discovered evidence shows that the FTX exchange liquidated $1.53 billion worth of 3AC’s assets just two weeks ahead of the hedge fund’s collapse.3AC “asked a bankruptcy court to let it increase its claim against FTX from $120 million to $1.53 billion,” according to “Mbottjer,” the pseudonymous co-founder of FTX Creditor, a group FTX creditors and bankruptcy claim buyers.“3AC says it only recently discovered evidence that FTX liquidated $1.53B of 3AC’s assets just two weeks before 3AC itself went into liquidation, much more than the $120M originally claimed,” they stated.Source: MbottjerThe crypto hedge fund claims it was never notified of these liquidations due to FTX’s own bankruptcy proceedings. A court ruled that 3AC acted in good faith, allowing it to pursue its full $1.53 billion claim in FTX’s bankruptcy case.On Dec. 21, 2023, a British Virgin Islands court froze $1.14 billion worth of 3AC co-founder Kyle Davies and Su Zhu’s assets. Teneo has since estimated that 3AC creditors are still owed roughly $3.3 billion following the hedge fund’s collapse in 2022.Davies claimed that allegations from Teneo — the firm in charge of 3AC’s liquidation — that he and co-founder Su Zhu were “not cooperating” were exaggerated.Related: US court gives Three Arrows nod to increase its FTX claim to $1.53BMissing $1.5 billion not enough to avoid 3AC collapseWhile the $1.53 billion sum is significantly larger than FTX’s previously disclosed liquidations, it may not have been enough to save 3AC from bankruptcy, according to Nicolai Sondergaard, research analyst at Nansen:“From what I can see, even if they in 2022 had the additional $1.5 billion they still would not have been able to meet creditor claims/debt repayments.”“Without being a legal expert, it seems to me that 3AC, while being allowed to pursue a much larger amount, likely won’t get the full $1.53 billion claim. It seems realistic that they will get more, but how much is uncertain,” the analyst added.Related: 3AC liquidators file $1.3B claim against Terraform LabsBinance co-founder and former CEO Changpeng Zhao called the revelations an “interesting turn of events.”Source: CZ BNB“I am curious if FTX had anything to do with the LUNA/UST crash/depeg in May 2022,” Zhao said in a March 14 X post.The collapse of 3AC occurred a month after that of Terraform Labs’ Terra (LUNC) and TerraClassicUSD (USTC) tokens and shortly before crypto lender Celsius paused all user withdrawals after its native token Celsius (CEL) dropped 90%.Magazine: ‘Hong Kong’s FTX’ victims win lawsuit, bankers bash stablecoins: Asia Express

Newly revealed court documents show that FTX secretly liquidated $1.53 billion in Three Arrows Capital (3AC) assets just two weeks before the hedge fund collapsed in 2022. The disclosure challenged previous narratives that 3AC’s downfall was solely market-driven.Once valued at over $10 billion, 3AC collapsed in mid-2022 after a series of leveraged directional trades turned sour. The hedge fund had borrowed from over 20 large institutions before the May 2022 crypto crash, which saw Bitcoin (BTC) fall to $16,000.However, recently-discovered evidence shows that the FTX exchange liquidated $1.53 billion worth of 3AC’s assets just two weeks ahead of the hedge fund’s collapse.3AC “asked a bankruptcy court to let it increase its claim against FTX from $120 million to $1.53 billion,” according to “Mbottjer,” the pseudonymous co-founder of FTX Creditor, a group FTX creditors and bankruptcy claim buyers.“3AC says it only recently discovered evidence that FTX liquidated $1.53B of 3AC’s assets just two weeks before 3AC itself went into liquidation, much more than the $120M originally claimed,” they stated.Source: MbottjerThe crypto hedge fund claims it was never notified of these liquidations due to FTX’s own bankruptcy proceedings. A court ruled that 3AC acted in good faith, allowing it to pursue its full $1.53 billion claim in FTX’s bankruptcy case.On Dec. 21, 2023, a British Virgin Islands court froze $1.14 billion worth of 3AC co-founder Kyle Davies and Su Zhu’s assets. Teneo has since estimated that 3AC creditors are still owed roughly $3.3 billion following the hedge fund’s collapse in 2022.Davies claimed that allegations from Teneo — the firm in charge of 3AC’s liquidation — that he and co-founder Su Zhu were “not cooperating” were exaggerated.Related: US court gives Three Arrows nod to increase its FTX claim to $1.53BMissing $1.5 billion not enough to avoid 3AC collapseWhile the $1.53 billion sum is significantly larger than FTX’s previously disclosed liquidations, it may not have been enough to save 3AC from bankruptcy, according to Nicolai Sondergaard, research analyst at Nansen:“From what I can see, even if they in 2022 had the additional $1.5 billion they still would not have been able to meet creditor claims/debt repayments.”“Without being a legal expert, it seems to me that 3AC, while being allowed to pursue a much larger amount, likely won’t get the full $1.53 billion claim. It seems realistic that they will get more, but how much is uncertain,” the analyst added.Related: 3AC liquidators file $1.3B claim against Terraform LabsBinance co-founder and former CEO Changpeng Zhao called the revelations an “interesting turn of events.”Source: CZ BNB“I am curious if FTX had anything to do with the LUNA/UST crash/depeg in May 2022,” Zhao said in a March 14 X post.The collapse of 3AC occurred a month after that of Terraform Labs’ Terra (LUNC) and TerraClassicUSD (USTC) tokens and shortly before crypto lender Celsius paused all user withdrawals after its native token Celsius (CEL) dropped 90%.Magazine: ‘Hong Kong’s FTX’ victims win lawsuit, bankers bash stablecoins: Asia Express

Crypto.com has received a limited license from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer derivative products such as futures and perpetual swaps, marking a major step forward in its global expansion strategy. Dubai’s VARA Grants Crypto.com Approval to Launch Derivatives Products Crypto.com has secured a limited license from Dubai’s Virtual Assets Regulatory Authority (VARA), […]

Bitcoin (BTC) price has been consolidating within a roughly $5,500 range since March 9 as the $84,000 level represents stiff overhead resistance.Data from Cointelegraph Markets Pro and Bitstamp shows BTC price oscillating between $78,599 and $84,000, as shown in the chart below.BTC/USD daily chart. Source: Cointelegraph/TradingViewKey reasons why Bitcoin price remains flat today include:Trump’s trade war tensions causing uncertainty in the market.Weakening demand for Bitcoin and neutral funding rates.BTC price remains pinned below the 200-day SMA.Broader economic uncertainty, weakening demandBitcoin’s price stagnation is partially due to the broader economic and geopolitical factors that are currently at play. What to know:Trump’s new policies, such as his proposed trade tariffs on Mexico and Canada, have unnerved the market.Investors, wary of inflation concerns and a potential tariff war, are avoiding risk assets like Bitcoin.As Cointelegraph recently reported, Bitcoin’s rally post-Trump’s November election has lost steam amid a weakening global economy. This has resulted in weaker demand for Bitcoin, according to Glassnode.For instance, the cost basis of 1w–1m short-term holders flattened out above that of the longer-term holders (1m–3m) in Q1, “marking an early sign of weakening demand in the immediate term.”Related: Bitcoin price drops 2% as falling inflation boosts US trade war fearsBitcoin’s drop below the $95,000 level saw the 1w–1m cost basis slide below the 1m–3m cost basis, “confirming a transition into net capital outflows.”Glassnode noted:“This reversal indicates that macro uncertainty has spooked demand, reducing new inflows… and suggests that new buyers are now hesitant to absorb sell-side pressure, reinforcing the shift from post-ATH euphoria into a more cautious market environment.”Bitcoin STH capital flow. Source: GlassnodeUntil the current trend changes due to macroeconomic tailwinds, such as Fed rate cuts, Bitcoin could struggle to break out of the current range, leaving it vulnerable to pullbacks toward $70,000.Another clear signal of Bitcoin’s stagnation is in the perpetual futures funding rates. BTC funding rates, which reflect the cost of holding long or short positions in crypto futures, are hovering close to 0%, indicating increasing indecisiveness among traders.Bitcoin perpetual futures funding rates across all exchanges. Source: GlassnodeWithout speculative fuel, Bitcoin is struggling to move in either direction, leaving its price stuck in a tight range as traders wait for the next catalyst.Bitcoin price faces stiff resistance on the upsideBitcoin also trades below key resistance areas, as shown in the chart below:On March 9, BTC fell below the 200-day simple moving average (SMA) at $83,736.This trendline has stifled the latest efforts for a sustained recovery.BTC/USD daily chart. Source: Cointelegraph/TradingViewPopular crypto analyst Daan Crypto Trades says that the 200-day SMA at around $83,700 and the 200-day EMA at $86,000 are key levels as they are “solid indicators of the mid/long term trend and overall strength of the market.”In other words, failure to produce a decisive close above the 200-day SMA and flipping it into a new support level could lead to a longer consolidation period for Bitcoin price.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin (BTC) price has been consolidating within a roughly $5,500 range since March 9 as the $84,000 level represents stiff overhead resistance.Data from Cointelegraph Markets Pro and Bitstamp shows BTC price oscillating between $78,599 and $84,000, as shown in the chart below.BTC/USD daily chart. Source: Cointelegraph/TradingViewKey reasons why Bitcoin price remains flat today include:Trump’s trade war tensions causing uncertainty in the market.Weakening demand for Bitcoin and neutral funding rates.BTC price remains pinned below the 200-day SMA.Broader economic uncertainty, weakening demandBitcoin’s price stagnation is partially due to the broader economic and geopolitical factors that are currently at play. What to know:Trump’s new policies, such as his proposed trade tariffs on Mexico and Canada, have unnerved the market.Investors, wary of inflation concerns and a potential tariff war, are avoiding risk assets like Bitcoin.As Cointelegraph recently reported, Bitcoin’s rally post-Trump’s November election has lost steam amid a weakening global economy. This has resulted in weaker demand for Bitcoin, according to Glassnode.For instance, the cost basis of 1w–1m short-term holders flattened out above that of the longer-term holders (1m–3m) in Q1, “marking an early sign of weakening demand in the immediate term.”Related: Bitcoin price drops 2% as falling inflation boosts US trade war fearsBitcoin’s drop below the $95,000 level saw the 1w–1m cost basis slide below the 1m–3m cost basis, “confirming a transition into net capital outflows.”Glassnode noted:“This reversal indicates that macro uncertainty has spooked demand, reducing new inflows… and suggests that new buyers are now hesitant to absorb sell-side pressure, reinforcing the shift from post-ATH euphoria into a more cautious market environment.”Bitcoin STH capital flow. Source: GlassnodeUntil the current trend changes due to macroeconomic tailwinds, such as Fed rate cuts, Bitcoin could struggle to break out of the current range, leaving it vulnerable to pullbacks toward $70,000.Another clear signal of Bitcoin’s stagnation is in the perpetual futures funding rates. BTC funding rates, which reflect the cost of holding long or short positions in crypto futures, are hovering close to 0%, indicating increasing indecisiveness among traders.Bitcoin perpetual futures funding rates across all exchanges. Source: GlassnodeWithout speculative fuel, Bitcoin is struggling to move in either direction, leaving its price stuck in a tight range as traders wait for the next catalyst.Bitcoin price faces stiff resistance on the upsideBitcoin also trades below key resistance areas, as shown in the chart below:On March 9, BTC fell below the 200-day simple moving average (SMA) at $83,736.This trendline has stifled the latest efforts for a sustained recovery.BTC/USD daily chart. Source: Cointelegraph/TradingViewPopular crypto analyst Daan Crypto Trades says that the 200-day SMA at around $83,700 and the 200-day EMA at $86,000 are key levels as they are “solid indicators of the mid/long term trend and overall strength of the market.”In other words, failure to produce a decisive close above the 200-day SMA and flipping it into a new support level could lead to a longer consolidation period for Bitcoin price.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin (BTC) price has been consolidating within a roughly $5,500 range since March 9 as the $84,000 level represents stiff overhead resistance.Data from Cointelegraph Markets Pro and Bitstamp shows BTC price oscillating between $78,599 and $84,000, as shown in the chart below.BTC/USD daily chart. Source: Cointelegraph/TradingViewKey reasons why Bitcoin price remains flat today include:Trump’s trade war tensions causing uncertainty in the market.Weakening demand for Bitcoin and neutral funding rates.BTC price remains pinned below the 200-day SMA.Broader economic uncertainty, weakening demandBitcoin’s price stagnation is partially due to the broader economic and geopolitical factors that are currently at play. What to know:Trump’s new policies, such as his proposed trade tariffs on Mexico and Canada, have unnerved the market.Investors, wary of inflation concerns and a potential tariff war, are avoiding risk assets like Bitcoin.As Cointelegraph recently reported, Bitcoin’s rally post-Trump’s November election has lost steam amid a weakening global economy. This has resulted in weaker demand for Bitcoin, according to Glassnode.For instance, the cost basis of 1w–1m short-term holders flattened out above that of the longer-term holders (1m–3m) in Q1, “marking an early sign of weakening demand in the immediate term.”Related: Bitcoin price drops 2% as falling inflation boosts US trade war fearsBitcoin’s drop below the $95,000 level saw the 1w–1m cost basis slide below the 1m–3m cost basis, “confirming a transition into net capital outflows.”Glassnode noted:“This reversal indicates that macro uncertainty has spooked demand, reducing new inflows… and suggests that new buyers are now hesitant to absorb sell-side pressure, reinforcing the shift from post-ATH euphoria into a more cautious market environment.”Bitcoin STH capital flow. Source: GlassnodeUntil the current trend changes due to macroeconomic tailwinds, such as Fed rate cuts, Bitcoin could struggle to break out of the current range, leaving it vulnerable to pullbacks toward $70,000.Another clear signal of Bitcoin’s stagnation is in the perpetual futures funding rates. BTC funding rates, which reflect the cost of holding long or short positions in crypto futures, are hovering close to 0%, indicating increasing indecisiveness among traders.Bitcoin perpetual futures funding rates across all exchanges. Source: GlassnodeWithout speculative fuel, Bitcoin is struggling to move in either direction, leaving its price stuck in a tight range as traders wait for the next catalyst.Bitcoin price faces stiff resistance on the upsideBitcoin also trades below key resistance areas, as shown in the chart below:On March 9, BTC fell below the 200-day simple moving average (SMA) at $83,736.This trendline has stifled the latest efforts for a sustained recovery.BTC/USD daily chart. Source: Cointelegraph/TradingViewPopular crypto analyst Daan Crypto Trades says that the 200-day SMA at around $83,700 and the 200-day EMA at $86,000 are key levels as they are “solid indicators of the mid/long term trend and overall strength of the market.”In other words, failure to produce a decisive close above the 200-day SMA and flipping it into a new support level could lead to a longer consolidation period for Bitcoin price.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

ZKsync’s DeFi Steering Committee (DSC) said it will not renew ZKsync Ignite, its liquidity reward program, as the project shifts its focus to broader network expansion.The DSC confirmed that Ignite’s second season will not proceed and that the program will be discontinued on March 17. This also cancels the reward allocation for period 6, the final phase of the program’s first season.ZKsync said it would focus its resources on its Elastic Network, an architecture that aims to transform the platform into an ecosystem of interconnected zero-knowledge (ZK) chains. “Our long-term vision for ZKsync is increasingly centered on the Elastic Network, and we want to focus our resources to accelerate this becoming a reality,” the project stated. It said that pouring its resources into a single-chain program does not align with this interoperability goal. Cointelegraph reached out to Matter Labs, the company behind ZKsync, for comment, but had received no response at the time of writing.Source: ZKsync IgniteNavigating a bearish crypto marketThe team acknowledged that current market conditions influenced the decision to end Ignite. “To stay sustainable, we’re tightening our focus and spending smarter rather than fighting headwinds,” the team said. ZK tokens performed well in 2024, reaching a high of $0.26 on Dec. 8. However, ZK prices failed to maintain their highs, experiencing continued sell pressure as market conditions worsened. The token currently trades at $0.06, a 76% drop from its price in December. ZKsync token’s 1-year price chart. Source: CoinGeckoRelated: ZKsync targets 10K TPS and sub-zero fees by 2025 roadmap goalsZKsync Ignite boosted the project’s TVL to $270 millionAccording to ZKsync, the program surpassed its goal of driving DeFi total value locked (TVL) to $100 million. The program helped drive TVL to over $270 million, making trading on the chain more seamless. However, DefiLlama data shows that ZKsync’s TVL is currently down to $139 million. ZKsync’s total value locked. Source: DefiLlamaThe Ignite program originally planned to allocate 300 million ZK tokens in a span of nine months to DeFi users who would provide liquidity to key token pairs. The first season was scheduled from Jan. 6 to March 31, allocating 100 million tokens worth about $21 million during launch. At current ZK prices, 100 million tokens are only worth $6.8 million. Apart from ZKsync, the broader crypto market is also experiencing an industry-wide downturn, with top crypto assets like Bitcoin (BTC) and Ether (ETH) struggling to maintain prices. Magazine: Vitalik on AI apocalypse, LA Times both-sides KKK, LLM grooming: AI Eye