Terra

Teneo

The move follows a string of legal measures as liquidators pursue claims against the founders and seek to recover substantial sums for creditors.
The freeze order was confirmed by Teneo, the company's liquidator, aiming to prevent Zhu, Davies, and Chen from handling their assets worldwide. Teneo indicated that the order is related to claims suggesting that the founders contributed to Three Arrows Capital's <a href="https://financefeeds.com/blockchain-com-sees-10-billion-wiped-out-from-its-valuation/" rel="noopener noreferrer nofollow">financial downturn</a>, equivalent to the value of the freezing orders sought.
“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,” Teneo said.
The development adds to the legal woes faced by the <a href="https://financefeeds.com/voyager-issues-notice-of-default-to-recover-660m-from-three-arrows-capital/" rel="noopener noreferrer nofollow">Three Arrows founders</a>. A Singapore court granted a freezing order just days ago, which came on the heels of Zhu's arrest at Singapore's Changi airport in September. Teneo seeks to recoup $3.5 billion for creditors, as the fund faced insolvency after the turmoil caused by <a href="https://financefeeds.com/montenegro-court-upholds-terra-founder-do-kwons-prison-sentence/" rel="noopener noreferrer nofollow">the collapse of the Terra ecosystem</a> earlier in the year.
Three Arrows Capital filed for bankruptcy in July 2022, leaving creditors owed at least $3.5 billion, as per the documents filed at the time. The fund, once a heavyweight in the crypto hedge fund sphere, managed an estimated $10 billion in assets, investing across various sectors including liquid tokens, startup equity, and NFTs.
The fund's liquidators, Teneo, have faced challenges with Zhu and Davies' cooperation since the fund's collapse. A lack of collaboration prompted legal actions, including attempts to subpoena the pair via social media and allegations of $1.3 billion in losses attributed to the founders' actions preceding the fund's downfall.

Liquidator takes action: $1.1 billion seized from Three Arrows founders

FinanceFeeds

Ďalšie články zverejnené 21. 12. 2023

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