Davies

Teneo

In the ongoing bankruptcy saga of Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC), a court in the British Virgin Islands has issued a freezing order on assets owned by co-founders Su Zhu and Kyle Davies, as reported by Bloomberg on December 21, 2023. 3AC’s unpaid debt soars to $3.3 billion 
The court order, valued at an unexpected $1.14 billion, restricts Zhu and Davies from transferring or selling assets, releasing a wide net that also affects assets belonging to Davies’ wife, Kelly Chen. Liquidator Teneo estimates that 3AC creditors are collectively owed approximately $3.3 billion following the hedge fund’s collapse in 2022 during the crypto bear market. 
Teneo, acting on behalf of the liquidation process, sought the worldwide freezing order, alleging that the founders should be held responsible for the deterioration of 3AC’s financial position. The freezing order aligns with claims that the founders are responsible for an amount equivalent to the value of the assets subject to the order. Additionally, it’s noted that the 3AC founders are currently under a domestic freezing order from the Singapore Court. 
Founded in 2012, Three Arrows Capital was once one of the largest crypto hedge funds globally. However, it faced insurmountable challenges during the 2022 crypto bear market when it failed to meet margin calls from lenders, ultimately leading to the filing for bankruptcy. 
Also Read: <a href="https://news.todayq.com/mas-imposes-9-year-ban-on-ceo-director-of-three-arrows-capital/">MAS imposes 9-year ban on CEO &amp; director of Three Arrows Capital</a> Su Zhu’s arrest, Kyle Davies at large 
The <a href="https://news.todayq.com/3ac-su-zhu-faces-heat-in-singapore-ahead-of-release/">co-founder duo’s legal troubles</a> escalated further when Su Zhu was arrested in Singapore in September 2023 while reportedly attempting to flee the country after receiving a four-month imprisonment sentence from a local court. Meanwhile, Kyle Davies, who also faced a committal order for imprisonment, remains large. 
Adding to their woes, the local central bank banned both Zhu and Davies from engaging in regulated activities in Singapore for nine years. 
The freezing order on their assets serves as the latest chapter in the tumultuous downfall of Three Arrows Capital, once a prominent player in the crypto hedge fund space. The unfolding legal proceedings highlight the challenges industry participants face during periods of market volatility and financial strain. 
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3AC founders in trouble as court freezes $1.14 billion of assets, what next?

Todayq News

Ďalšie články zverejnené 21. 12. 2023

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