- Three Arrows Capital’s liquidation advisory firm Teneo has seized the fiat currencies from Singapore banks.
- Three Arrows Capital’s founders are allegedly residing in Bali and/or UAE, where foreign court orders are not easily enforced.
- Earlier last month, Three Arrows Capital’s founder Kyle Davies criticized FTX’s collapse stating the crypto industry has been set back by more than five years.
Three Arrows Capital emerged as one of the biggest shocks this year after the company went bankrupt in July. Since then, attempts at restructuring and recouping its losses have continued, with the company’s liquidators seizing 3AC’s holdings.
Three Arrows Capital funds siezed
Three Arrows Capital, also known as 3AC, is in the process of liquidation, led by the advisory firm Teneo. As per filings from December 2, the firm has taken control of some of the assets owned by 3AC and made some progress in terms of assets realization.
Liquidators took control of about $35.6 million worth of fiat currencies, which were previously held by Singapore banks or the company’s pre-appointed lawyers. Secondly, it managed to obtain $2.751 million from forced redemptions of investments.
Furthermore, over 60 types of tokens have been identified to date and the tokens recovered are being held in a crypto custody account controlled by the liquidators.
But while the liquidators are attempting to straighten things out on the asset front, it has not been particularly successful on the people front. Attempting to get a hold of the founders Su Zhu and Kyle Davies since July, the liquidators have only been successful in contacting them twice.
Since then, Zhu and Davies have been at large somewhere in Bali and/or UAE, where foreign court orders are difficult to enforce. The founders have been refraining from cooperating as well, producing no records.
Furthermore, according to the liquidators, the founders seem to have hired security experts in mid-June this year. This was done to “ establish secure communications between designated individuals that could be deleted”.
Thus it seems rather hypocritical of the same founders to be commenting on others when they themselves have impacted the industry as well.
FTX downfall set crypto back
FTX collapse impacted the crypto market significantly, accruing losses across the board. Commenting on the same in an interview, Three Arrows Capital founder Su Zhu stated that the exchange’s setback set the crypto space back by over five years. He added,
“I think it’s even longer than that -- seven or eight years -- maybe even longer, if the underlying issues aren’t solved.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.