Liquidators Recover $35.6 Million in Cash and Crypto Assets From Collapsed Crypto Hedge Fund 3AC

1: liquidators for collapsed crypto hedge fund three arrows capital (3ac) seized $35.6 million in cash held by the failed firm in singaporean banks. the high court of the republic of singapore ordered co-founders zhu and davies to cooperate and submit affidavits outlining their dealings with the company. liquidators managed to recover a couple million more from token sales, and are seeking clearance from a court to get $30 million from the sale of the firm’s “much wow” superyacht.

2: three arrows capital went bust in july 2020 after a court in the british virgin islands ordered it to liquidate. the singapore-based firm invested client money in new crypto ventures, and liquidators started to take control of assets held by 3ac or its pre-appointment lawyers. liquidators recovered $2.8 million from forced redemptions of investments, and an unspecified amount of 60 different crypto tokens and nfts were recovered.

3: 3ac was hit hard by the collapse of crypto project terra in may. su and davies called the superyacht “much wow”—a nod to the doge meme. nearly every digital asset has plunged in price, taking major firms and platforms with it. teneo claimed that 3ac founders “repeatedly failed to engage” with liquidators, and said it has filed a claim in the cayman islands for the yacht’s liquidation for $30 million. this collapse is one of many high-profile crypto companies crushed by this year’s brutal bear market.

By Evey Lovelace

You May Also Like