Creditors Who Requested The Liquidation of Three Arrows Capital Are Blockchain.com And Deribit!

Creditors Who Requested The Liquidation of Three Arrows Capital Are Blockchain.com And Deribit !

A creditor of Three Arrows Capital called Blockchain.com stated it is helping with continuing investigations into the troubled cryptocurrency hedge fund.

According to a court document and officials from the two firms, Blockchain.com and Deribit, a cryptocurrency derivatives market, revealed that they are among the creditors that requested the liquidation of Three Arrows at a court in the British Virgin Islands. According to a source familiar with the issue who spoke to Bloomberg News, the court made the liquidation order on Monday and named two partners at consulting and advice firm Teneo to oversee the procedure.

“We believe Three Arrows Capital defrauded the crypto industry and intend to hold them accountable to the fullest extent of the law,” a spokesperson at Blockchain.com said in an emailed statement. “We have filed for the immediate liquidation of all global assets of Three Arrows.”

The Monetary Authority of Singapore reprimanded Three Arrows for giving incorrect information and managing more money than it was permitted to. In a statement, the central bank stated that it has been looking into these acts since June 2021.

One of the most well-known cryptocurrency hedge funds, created in 2012 by Su Zhu and Kyle Davies, former traders with Credit Suisse Group AG, has closed its doors as a result of the liquidation order. According to blockchain analytics company Nansen, Three Arrows’ assets under control were projected to be worth $10 billion in March. Prior to the fall in the cryptocurrency markets, in April, it managed about $3 billion in assets, according to a statement made by Davies to the Wall Street Journal earlier this month.

Three Arrows is exploring its alternatives as it seeks legal counsel in the British Virgin Islands, according to Nichol Yeo, a partner at the law firm Solitaire LLP, who spoke with the Wall Street Journal.

Blockchain.com, a cryptocurrency wallet provider and exchange located in London that was valued at $14 billion in March, said that its customers won’t be impacted and that it is still liquid and solvent with a healthy financial position.

Despite having a net debt that it considered possibly distressed, Deribit, whose parent company includes Three Arrows as a stakeholder, has said on Twitter that it is still fiscally sustainable. The troubles of Three Arrows have affected the business like the cryptocurrency broker Voyager Digital Ltd., which has sent the fund a notice of default.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

three arrows capital three arrows capital

Creditors Who Requested The Liquidation of Three Arrows Capital Are Blockchain.com And Deribit!

Creditors Who Requested The Liquidation of Three Arrows Capital Are Blockchain.com And Deribit !

A creditor of Three Arrows Capital called Blockchain.com stated it is helping with continuing investigations into the troubled cryptocurrency hedge fund.

According to a court document and officials from the two firms, Blockchain.com and Deribit, a cryptocurrency derivatives market, revealed that they are among the creditors that requested the liquidation of Three Arrows at a court in the British Virgin Islands. According to a source familiar with the issue who spoke to Bloomberg News, the court made the liquidation order on Monday and named two partners at consulting and advice firm Teneo to oversee the procedure.

“We believe Three Arrows Capital defrauded the crypto industry and intend to hold them accountable to the fullest extent of the law,” a spokesperson at Blockchain.com said in an emailed statement. “We have filed for the immediate liquidation of all global assets of Three Arrows.”

The Monetary Authority of Singapore reprimanded Three Arrows for giving incorrect information and managing more money than it was permitted to. In a statement, the central bank stated that it has been looking into these acts since June 2021.

One of the most well-known cryptocurrency hedge funds, created in 2012 by Su Zhu and Kyle Davies, former traders with Credit Suisse Group AG, has closed its doors as a result of the liquidation order. According to blockchain analytics company Nansen, Three Arrows’ assets under control were projected to be worth $10 billion in March. Prior to the fall in the cryptocurrency markets, in April, it managed about $3 billion in assets, according to a statement made by Davies to the Wall Street Journal earlier this month.

Three Arrows is exploring its alternatives as it seeks legal counsel in the British Virgin Islands, according to Nichol Yeo, a partner at the law firm Solitaire LLP, who spoke with the Wall Street Journal.

Blockchain.com, a cryptocurrency wallet provider and exchange located in London that was valued at $14 billion in March, said that its customers won’t be impacted and that it is still liquid and solvent with a healthy financial position.

Despite having a net debt that it considered possibly distressed, Deribit, whose parent company includes Three Arrows as a stakeholder, has said on Twitter that it is still fiscally sustainable. The troubles of Three Arrows have affected the business like the cryptocurrency broker Voyager Digital Ltd., which has sent the fund a notice of default.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

three arrows capital three arrows capital

Visited 77 times, 1 visit(s) today