The Liquidator Took Control Of $40 Million In Three Arrows Capital Assets
Three Arrows Capital (3AC) liquidator Teneo has acquired control of $40 million in assets belonging to the hedge fund, Bloomberg News reports on July 21.
The liquidators reported that the fund’s assets include bank accounts, cryptocurrencies, NFTs, and shares in other companies.
Teneo’s representative, Russell Crumpler, announced on July 20 that Three Arrows Capital founders Kyle Davies and Su Zhu still retain control of some digital assets and bank accounts. Crumpler reported that Teneo had contacted about 40 companies that 3AC may have invested in and about 30 crypto exchanges and banks.
In a separate filing on July 8, the liquidators said that Zhu and Davies were uncooperative and could not locate them. 3AC’s list of creditors includes Genesis; bankrupt crypto lenders Voyager Digital and Celsius Network; Algorand, CoinList, among others. The hedge fund owes its creditors $2.8 billion.
Meanwhile, Su Zhu and Kyle Davies’ wife also filed a lawsuit against the embezzled hedge fund. A new report reveals that the founders of Three Arrows Capital are on their way to Dubai and have denied claims that they are uncooperative.
According to the sources, the “death threats” they received forced them into hiding; however, they maintained contact with the liquidator.
The co-founders also acknowledged that Terra’s demise was part of the cause of the fund’s failure. According to Zhu, they may have been distracted by their close relationship with Do Kwon in their token judgment.
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