Singapore High Court Gives Its Blessing To Three Arrows Capital Liquidators’ Order
The financial advising company Teneo, hired to liquidate the assets of Three Arrows Capital‘s failed cryptocurrency hedge fund, received authorization from the Singapore High Court to look into the hedge fund’s domestic assets, according to a Bloomberg report that cited sources familiar with the matter.Â
The liquidation order that Teneo initially filed in the British Virgin Islands is now officially recognized by the Singapore High Court after it granted Teneo’s request on Monday (BVI). According to CoinCu, liquidators began asking the court for recognition in the middle of July.
According to the Bloomberg article, Teneo would be permitted to ask for all financial data connected to Three Arrows Capital that are kept in Singapore, including bank accounts, real estate, and assets like cryptocurrency, as a result of the Singapore High Court’s approval. Before last year, the hedge fund’s base of operations was in Singapore.
On the orders of the Eastern Caribbean Supreme Court, Teneo, a New York-based company, was chosen to conduct the liquidation of Three Arrows Capital in the BVI’s High Court of Justice in June.
Three Arrows Capital began to have financial problems
After the collapse of the Terra ecosystem in mid-May, Three Arrows Capital began to have financial problems. Due to losses from its holdings in Terra’s native token Luna and subsequent volatility in the cryptocurrency markets, the hedge fund’s lenders were forced to liquidate it repeatedly, which resulted to its demise.
According to a Bloomberg article, Teneo has so far taken possession of Three Arrows Capital’s assets worth at least $40 million. The full amount that the corporation owes creditors is much higher than this. Genesis, a cryptocurrency exchange, lent $2.36 billion to Three Arrows Capital. Digital Currency Group (DCG) asserted a $1.2 billion claim against the hedge fund after assuming Genesis’ liabilities.
After Three Arrows Capital filed for Chapter 15 bankruptcy in July, the Singapore court decision was issued. Since then, Teneo claims that its founders Su Zhu and Kyle Davies have largely been inaccessible. According to court records, both parties “failed to comply” throughout the procedure.
But in mid-July, the two gave a lengthy interview to Bloomberg where they discussed the fund’s demise.
Bloomberg contacted Teneo, Zhu, and Davies representatives for comment on recent events, but they did not provide one.
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
Annie
CoinCu News
Author
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Singapore High Court Gives Its Blessing To Three Arrows Capital Liquidators’ Order
The financial advising company Teneo, hired to liquidate the assets of Three Arrows Capital‘s failed cryptocurrency hedge fund, received authorization from the Singapore High Court to look into the hedge fund’s domestic assets, according to a Bloomberg report that cited sources familiar with the matter.Â
The liquidation order that Teneo initially filed in the British Virgin Islands is now officially recognized by the Singapore High Court after it granted Teneo’s request on Monday (BVI). According to CoinCu, liquidators began asking the court for recognition in the middle of July.
According to the Bloomberg article, Teneo would be permitted to ask for all financial data connected to Three Arrows Capital that are kept in Singapore, including bank accounts, real estate, and assets like cryptocurrency, as a result of the Singapore High Court’s approval. Before last year, the hedge fund’s base of operations was in Singapore.
On the orders of the Eastern Caribbean Supreme Court, Teneo, a New York-based company, was chosen to conduct the liquidation of Three Arrows Capital in the BVI’s High Court of Justice in June.
Three Arrows Capital began to have financial problems
After the collapse of the Terra ecosystem in mid-May, Three Arrows Capital began to have financial problems. Due to losses from its holdings in Terra’s native token Luna and subsequent volatility in the cryptocurrency markets, the hedge fund’s lenders were forced to liquidate it repeatedly, which resulted to its demise.
According to a Bloomberg article, Teneo has so far taken possession of Three Arrows Capital’s assets worth at least $40 million. The full amount that the corporation owes creditors is much higher than this. Genesis, a cryptocurrency exchange, lent $2.36 billion to Three Arrows Capital. Digital Currency Group (DCG) asserted a $1.2 billion claim against the hedge fund after assuming Genesis’ liabilities.
After Three Arrows Capital filed for Chapter 15 bankruptcy in July, the Singapore court decision was issued. Since then, Teneo claims that its founders Su Zhu and Kyle Davies have largely been inaccessible. According to court records, both parties “failed to comply” throughout the procedure.
But in mid-July, the two gave a lengthy interview to Bloomberg where they discussed the fund’s demise.
Bloomberg contacted Teneo, Zhu, and Davies representatives for comment on recent events, but they did not provide one.
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
Annie
CoinCu News
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