See More

Singapore Court Approves Liquidator’s Probe into Three Arrows

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Liquidators are reportedly looking to investigate and preserve the Singapore assets of the crypto hedge fund.
  • Earlier, a British Virgin Islands court tasked business management company Teneo with overseeing 3AC's liquidation.
  • 3AC operated as a regulated fund manager in Singapore until last year, when it relocated to the British Crown colony.
  • promo

Three Arrows Capital’s (3AC) liquidators have secured a key court decision in Singapore that may give them greater insight into the collapsed crypto hedge fund’s remaining assets.

According to a Bloomberg report, the court granted a petition by liquidator Teneo which allows the firm to look into the assets of 3AC in Singapore. Teneo was appointed by a court in the British Virgin Islands in June to liquidate Three Arrows, but lacked the legal right to access information the fund held locally.

The Three Arrow Capital’s liquidators won the Singapore decision, allowing them to probe the collapsed crypto hedge fund’s remaining assets. The Three Arrows Capital liquidators are looking to investigate and preserve the Singapore assets of the crypto hedge fund.

Three Arrows liquidators attempt to quantify assets

Recently, Teneo Restructuring was hired to manage the liquidation procedure. 3AC owns various illiquid assets in the form of venture-capital investments in crypto startups and firms.

Teneo attempted to quantify the assets and establish a website with instructions for creditors wishing to make claims against 3AC.

After 3AC failed to meet margin demands when its assets were liquidated, BlockFi and Genesis liquidated the company’s positions. The hedge fund, co-founded by Su Zhu and Kyle Davies, is consulting a law firm in the Virgin Islands, where it is headquartered. It operated as a regulated fund manager in Singapore until last year, when it relocated to the British Crown colony.

Before the ruling on liquidation, 3AC considered a rescue attempt by another company and also selling assets. The court’s decision means that Teneo can now access information about 3AC’s assets in Singapore and take steps to preserve them.

Exchanges among creditors filing for liquidation

Several exchanges, including Deribit and Blockchain.com, filed for the liquidation of 3AC. On June 11, Deribit discovered that 3AC had breached a condition of its agreement with the derivatives exchange by failing to maintain a minimum balance in its account, prompting the hedge fund’s position to be liquidated on June 15.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Wahid.jpg
Wahid Pessarlay
Wahid loves to write, especially about Crypto and Blockchain. He started his blogging journey in 2017 and turned to crypto in 2019. Wahid is interested in tech, chess and DeFi. He aims to promote decentralization to everyone on the planet.
READ FULL BIO
Sponsored
Sponsored