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Three Arrows Capital seeks to increase claim against FTX to $1.5B

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The liquidators of Three Arrows Capital (3AC) are now pursuing claims against FTX as part of their ongoing efforts to recover assets for the bankrupt crypto hedge fund. According to recent filings, the liquidators allege that FTX played a significant role in 3AC’s financial collapse, and they are now seeking to recover funds from the exchange. The legal action comes amid a broader investigation into the events that led to 3AC’s liquidation, with the liquidators targeting entities that may have contributed to or enabled the hedge fund’s downfall.

3AC, once one of the largest and most influential crypto hedge funds, filed for bankruptcy in July 2022 after it suffered heavy losses during the market downturn. The fund’s failure sent shockwaves through the crypto industry, exposing vulnerabilities in the DeFi and trading sectors. FTX, which had been involved in lending funds to 3AC, is now facing scrutiny over its role in the collapse. The liquidators argue that FTX’s actions contributed to the fund’s insolvency, prompting the pursuit of claims against the exchange for potential damages.

The legal move highlights the growing number of interconnected bankruptcies and legal disputes within the crypto sector, following the collapse of high-profile entities like 3AC and FTX. FTX itself filed for bankruptcy in November 2022, with founder Sam Bankman-Fried facing charges related to the exchange’s alleged mismanagement and fraud. The investigation into 3AC’s collapse and its links to FTX could further complicate the ongoing legal proceedings for both parties, as creditors and regulators look for accountability in the wake of the massive failures.

As the liquidators continue their recovery efforts, the outcome of this legal action could have broader implications for the crypto industry, particularly for firms involved in high-risk lending and trading practices. With the collapse of 3AC and FTX serving as stark reminders of the need for better risk management and transparency, the legal battles surrounding their bankruptcies are likely to shape the future regulatory landscape of the cryptocurrency market.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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