Liquidators Outraged By Silence From 3AC’s Su Zhu And Kyle Davies
Liquidators are concerned that the founders of Three Arrows Capital (3AC) may be evacuating assets out of reach of creditors, according to court documents.
It appears that 3AC is not cooperating with its liquidators. According to a 1,157-page affidavit written by liquidator Russel Crumpler, Su Zhu, and Kyle Davies, the two founders and managers of crypto hedge fund 3AC “refused to interact meaningfully” (or fully cooperated) with creditors and liquidators.
Of particular concern to Crumpler are signs that Zhu may be “taking steps” to dispose of assets.
Crumpler revealed that neither Davies nor Zhu had contacted the liquidators since their June 27 appointment even though 3AC had filed for bankruptcy on its own. In fact, Crumpler said Zhu and Davies filed 3AC for bankruptcy without notifying the company’s other director, Mark James Dubois, or their creditors.
The liquidators found the 3AC Singapore office unoccupied and locked on June 30. After repeated contact with 3AC’s former attorneys and Davies and Zhu themselves, they finally received a Zoom call from lawyers on July 6, in which “people who identify themselves as Su Zhu and Kyle” were present, albeit with muted and off cameras.
Crumpler also attested that the company transferred $31.6 million in crypto to Tai Ping Shan Limited, a company located in the Cayman Islands, and $10.9 million into an anonymous wallet. It is not clear where the funds are currently going, he said.
He also criticized Zhu and Davies for fear the company’s money was being used for “luxury personal purchases.”
Crumpler believes Zhu and Davies may have prepaid a $50 million yacht with borrowed funds and points to signs that Zhu may be looking to sell one of the multimillion-dollar properties. his la in Singapore. According to Crumpler, three more individuals can access the company’s various portfolios.
3AC’s lawyers explained that the silence was due to “alleged threats against the Davies and Zhu families” and the cooperation of the 3AC founders with the central bank of Singapore after being arrested. reprimand for providing false information.
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
Harold
CoinCu News
Author
News
Liquidators Outraged By Silence From 3AC’s Su Zhu And Kyle Davies
Liquidators are concerned that the founders of Three Arrows Capital (3AC) may be evacuating assets out of reach of creditors, according to court documents.
It appears that 3AC is not cooperating with its liquidators. According to a 1,157-page affidavit written by liquidator Russel Crumpler, Su Zhu, and Kyle Davies, the two founders and managers of crypto hedge fund 3AC “refused to interact meaningfully” (or fully cooperated) with creditors and liquidators.
Of particular concern to Crumpler are signs that Zhu may be “taking steps” to dispose of assets.
Crumpler revealed that neither Davies nor Zhu had contacted the liquidators since their June 27 appointment even though 3AC had filed for bankruptcy on its own. In fact, Crumpler said Zhu and Davies filed 3AC for bankruptcy without notifying the company’s other director, Mark James Dubois, or their creditors.
The liquidators found the 3AC Singapore office unoccupied and locked on June 30. After repeated contact with 3AC’s former attorneys and Davies and Zhu themselves, they finally received a Zoom call from lawyers on July 6, in which “people who identify themselves as Su Zhu and Kyle” were present, albeit with muted and off cameras.
Crumpler also attested that the company transferred $31.6 million in crypto to Tai Ping Shan Limited, a company located in the Cayman Islands, and $10.9 million into an anonymous wallet. It is not clear where the funds are currently going, he said.
He also criticized Zhu and Davies for fear the company’s money was being used for “luxury personal purchases.”
Crumpler believes Zhu and Davies may have prepaid a $50 million yacht with borrowed funds and points to signs that Zhu may be looking to sell one of the multimillion-dollar properties. his la in Singapore. According to Crumpler, three more individuals can access the company’s various portfolios.
3AC’s lawyers explained that the silence was due to “alleged threats against the Davies and Zhu families” and the cooperation of the 3AC founders with the central bank of Singapore after being arrested. reprimand for providing false information.
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
Harold
CoinCu News
Other Posts
Related Posts
Latest
Best Cryptos with 1000X Potential: Qubetics Revolutionises Blockchain as Polkadot and Cosmos Shape the Future
Best Coins to Buy in December 2024: Qubetics Offer 630% ROI, Polkadot Delivers on Interoperability and Near Protocol’s Scalability is Talk of the Town
Press Release
Best Cryptos with 1000X Potential: Qubetics Revolutionises Blockchain as Polkadot and Cosmos Shape the Future
Best Coins to Buy in December 2024: Qubetics Offer 630% ROI, Polkadot Delivers on Interoperability and Near Protocol’s Scalability is Talk of the Town
