A British Virgin Islands Court Order Liquidates Crypto Firm Three Arrows Capital – The troubled cryptocurrency hedge fund Three Arrows Capital (3AC) has reportedly been formally liquidated by a British Virgin Islands (BVI) court, according to a recent report from Sky News citing a source familiar with the matter, “cryptocurrency insiders.” The report does not specify the assets that will be liquidated, but according to the sources, “the 3AC liquidation would be a significant moment in the current unraveling of the cryptocurrency sector.”
Once again, a source familiar with the situation has information about an embattled digital currency firm that is allegedly experiencing financial hardships. Three Arrows Capital Ltd. has been formally liquidated by a British Virgin Islands (BVI) court, a source told Sky News.
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It is “unclear what the immediate financial repercussions would be for Three Arrows’ creditors,” according to Sky News author Mark Kleinman. When The Block’s Frank Chaparro cited sources claiming that 3AC may have been liquidated for over $400 million, the cryptocurrency hedge fund’s early difficulties was reported two weeks ago.
Su Zhu and Kyle Davies, the two founders of 3AC, formed the company in 2012, and when the insolvency reports first surfaced, both Zhu and Davies went very quiet on social media. While 3AC was “in the process of communicating with key parties and absolutely committed to working this out,” Zhu did tweet on June 14 to that effect.
According to rumors, 3AC has a significant exposure to Terra’s LUNC token, and its $200 million holdings in locked luna classic (LUNC) have reportedly been evaporated into less than a thousand dollars.
On June 29, Kleinman reported that 3AC’s assets had been formally liquidated by a British Virgin Islands (BVI) court. The news outlet has learned that “partners from Teneo in the British Virgin Islands has been lined up to handle the insolvency of the Singapore-based firm,” according to the report.
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A British Virgin Islands Court Order Liquidates Crypto Firm Three Arrows Capital – The BVI court order news, according to Kleinman’s further explanation, came from a “someone familiar with the situation,” and it was filed on June 27. Furthermore, the journalist reached out to 3AC for a comment about the court’s alleged liquidation order and the company did not respond.
