Davies

Teneo

A <a href="https://www.theblock.co/post/268758/bvi-court-freezes-three-arrows-capital-founders-1-billion-in-assets">British Virgin Islands Court has frozen assets</a> that belong to the founders of the defunct crypto hedge fund Three Arrows Capital (3AC). The frozen assets are up to $1.1 billion and it belongs to Su Zhu and Kyle Davies and Davies’ wife, Kelly Chen. According to 3AC’s liquidator Teneo Restructuring, the worldwide court order was announced on December 18. 
3AC’s creditors’ claims are currently valued at around $3 billion. Teneo is trying to maximize all available avenues to mop up enough funds to reimburse these affected creditors.&nbsp; 
<h2 id="b-court-restrict-zhu-davies-and-chen-b">Court Restrict Zhu, Davies, and Chen</h2> 
The court froze their assets to prevent Zhu, Davies, or even his wife from utilizing them anywhere in the world. Markedly, the court&nbsp;strongly believes that the co-founders should be held responsible for the unfortunate collapse of 3AC. Similarly, a Singapore court issued a domestic freezing order.&nbsp; 
Per Teneo’s statement, “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.”&nbsp; 
<h2 id="b-zhu-makes-first-court-appearance-b">Zhu Makes First Court Appearance&nbsp;</h2> 
Shortly after <a href="https://thecoinrise.com/singapore-watchdog-mas-bans-3ac-co-founders-for-9-years/">Davies and Zhu were banned by the Monetary Authority of Singapore</a> (MAS), the latter was accosted at Singapore’s Changi Airport while trying to leave the country. Last weekend, <a href="https://thecoinrise.com/3acs-su-zhu-faces-the-singaporean-court-over-the-firms-assets/">Zhu made his first appearance in a Singapore court</a> where he was thoroughly interrogated amidst Teneo’s effort to locate and secure assets connected to the high-profile financial firm. 
According to a report by TheCoinRise, the arrested co-founder is set to be released by the end of this month on account of good behavior. Seeing that he was arrested in September, Zhu would have spent almost four months in prison for <a href="https://thecoinrise.com/3ac-founders-not-cooperating-with-liquidators-whereabouts-unknown/">failing to cooperate</a> with 3AC’s liquidators by the time of his release. 
<h2 id="b-3ac-remains-neck-deep-in-bankruptcy-b">3AC Remains Neck-Deep in Bankruptcy&nbsp;</h2> 
Noteworthy, 3AC filed for Chapter 15 bankruptcy in July last year and unlike its counterpart <a href="https://thecoinrise.com/blockfi-shares-withdrawal-plans-after-emergence-from-bankruptcy/">BlockFi which has been able to round off its bankruptcy proceedings</a>, the crypto hedge fund is still grappling with settling creditors amongst other challenges. With this latest move from the court, it is not clear what the firm’s next moves will be. 
The post <a href="https://thecoinrise.com/british-virgin-island-court-freeze-assets-of-3acs-founders/">British Virgin Island Court Freeze Assets of 3AC’s Founders</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

British Virgin Island Court Freeze Assets of 3AC’s Founders

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TheCoinrise Media

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