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Davies

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Teneo

<p>The post <a href="https://coinpedia.org/news/three-arrows-founders-1-billion-asset-seized-from-bvi/">Three Arrows Founder’s&nbsp; $1 Billion Asset Seized From BVI</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<ul> 
 <li>Founders of Three Arrows Capital hit with massive $1 billion asset freeze from British Virgin Island.</li> 
 <li>Two courts slapped freeze orders on the Three Arrows founders’ cash. The British Virgin Islands court locked up their global stash, while Singapore followed suit, tightening the legal grip on their dwindling fortune.</li> 
</ul> 
<p>The founders of collapsed cryptocurrency hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, have had their assets frozen to the tune of $1.1 billion by a court in the British Virgin Islands. The move comes as part of efforts to recover funds for creditors, who are owed $3.5 billion by the now-defunct firm.</p> 
<figure class="wp-block-image size-full is-resized">
 <img decoding="async" width="810" height="482" src="https://image.coinpedia.org/wp-content/uploads/2023/12/21134253/Three.png" alt="" class="wp-image-255309" style="width: 100%;height:auto" srcset="https://image.coinpedia.org/wp-content/uploads/2023/12/21134253/Three.png 810w, https://image.coinpedia.org/wp-content/uploads/2023/12/21134253/Three-300x179.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/12/21134253/Three-768x457.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/12/21134253/Three-150x89.png 150w" sizes="(max-width: 810px) 100vw, 810px">
</figure> 
<h2 class="wp-block-heading" id="h-the-collapse-of-three-arrows-capital"><strong>The Collapse of Three Arrows Capital</strong></h2> 
<p>Three Arrows Capital (3AC) was once a major player in the cryptocurrency industry, managing over $10 billion in assets at its peak. However, in June 2022, it became clear that the fund was in serious trouble, with reports suggesting that it had suffered significant losses due to poor investment decisions and a lack of liquidity. By <a href="https://coinpedia.org/news/crypto-hedge-fund-three-arrow-capital-files-for-bankruptcy-will-celsius-follow-the-suit/">July</a>, 3AC had filed for bankruptcy, leaving its creditors owing billions of dollars.</p> 
<h2 class="wp-block-heading" id="h-court-locks-down-1-1-billion"><strong>Court Locks Down $1.1 Billion</strong></h2> 
<p>In response to the collapse of 3AC, Teneo, the company hired to manage the liquidation of the fund, accused Zhu and Davies of engaging in financial wrongdoing that contributed to its downfall. The pair have been accused of using customer funds for personal gain and failing to meet margin calls, among other allegations. In response to these accusations, a court in the British Virgin Islands has frozen assets worth $1.1 billion belonging to Zhu and Davies.</p> 
<h2 class="wp-block-heading" id="h-singapore-s-freeze-order"><strong>Singapore’s Freeze Order</strong></h2> 
<p>In addition to the freeze order issued by the British Virgin Islands court, Singapore’s Monetary Authority (MAS) has also imposed a freeze on assets belonging to Zhu and Davies as part of its investigation into 3AC’s activities. This move is likely to have a significant impact on Zhu and Davies, who were once considered crypto royalty due to their wealth and influence in the industry.</p> 
<blockquote class="wp-block-quote"> 
 <p>“The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, amongst other things, that the Founders should be held responsible for causing 3AC’s position to deteriorate by an amount that is equivalent to the value of the freezing orders sought,”</p> <cite>Teneo</cite>
</blockquote>

Three Arrows Founder’s $1 Billion Asset Seized From BVI

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