News

Three Arrows Liquidators Is Seeking $30 Million From The Sale Of A Superyacht “Much Wow”

As part of their recovery efforts, insolvency professionals overseeing the cleanup of defunct crypto hedge fund Three Arrows Capital said they have taken control of more than $35 million in hard currency, seized more than 60 types of digital tokens, and even sought $30 million from the sale of a superyacht named “Much Wow.”

However, fund founders Su Zhu and Kyle Davies’ lack of cooperation complicated the liquidation, which is intended to refund creditors owing more than $3 billion as much as feasible. According to a presentation given in bankruptcy court Friday, Three Arrows‘ advisers have only had two live videoconference meetings with the founders, who are believed to be in either Bali or the United Arab Emirates.

Because Zhu and Davies are refusing to cooperate, “we have had to practically reconstruct the firm and the records of the company from start,” said Russell Crumpler, a liquidator for Three Arrows in the British Virgin Islands.

Liquidators are attempting to recoup $30 million from the sale of the superyacht ‘Much Wow.‘ Bankruptcy court records, liquidator presentation

Three Arrows went bankrupt earlier this year after a series of bad bets and falling crypto prices forced the fund, known for making leveraged transactions, to face margin calls. It formerly managed assets worth roughly $4 billion. The implosion was one of several that rocked the business this spring, which is still reeling from the abrupt demise of Sam Bankman-FTX Fried’s company last month.

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 us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Chubbi

Coincu News

Chubbi

Recent Posts

Best Crypto Presales to Watch This November: Get in Early on These Potential Breakout Coins

So, you’re on the lookout for the next big thing in crypto? Aren’t we all?…

1 hour ago

Robinhood Crypto Now Supports Solana Trading Again

Robinhood Crypto has expanded its U.S. platform with the addition of Solana, Pepe, Cardano, and…

6 hours ago

Missed Out on Chainlink Early Gains? This Layer-1 Project is Set to Explode to $15 After Mainnet Launch

If you’ve been following the crypto space, you already know that Chainlink (LINK) has been…

6 hours ago

BlackRock BUIDL Fund Expanded to New Blockchains to Boost Accessibility

BlackRock BUIDL funds have been expanded to Arbitrum, Aptos, Avalanche, Optimism, and Polygon.

7 hours ago

Metaplanet Bitcoin Holdings Helps Company Earn $28 Million in Profit

Tokyo-based Metaplanet Bitcoin holdings grew by $28 million, doubling to 1,018.17 BTC since late September.

8 hours ago

This website uses cookies.