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This paper starts with a review of three-dimensional chaotic dynamical systems equipped with special curves of balance points. We also propose the mathematical model of a new three-dimensional chaotic system equipped with a closed butterfly-like curve of balance points. By performing a bifurcation study of the new system, we analyze intrinsic properties such as chaoticity, multi-stability, and transient chaos. Finally, we carry out a realization of the new multi-stable chaotic model using Field-Programmable Gate Array (FPGA).