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Breaking: Liquidators To Probe And Liquidate Three Arrows Capital In Singapore

Three Arrows Capital's liquidators gets approval from the Singapore High Court to probe and liquidate the hedge fund's assets in Singapore.
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Breaking: Liquidators To Probe And Liquidate Three Arrows Capital In Singapore

Bankrupt crypto hedge fund Three Arrows Capital’s liquidators get approval from the Singapore High Court to probe and liquidate the hedge fund’s assets in Singapore. British Virgin Islands court-appointed liquidator Teneo earlier filed a petition in Singapore’s High Court to liquidate Three Arrows Capital’s assets in Singapore.

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Singapore Court Approves Three Arrows Capital’s Liquidation

The Singapore High Court on Monday approved a petition by Teneo, a liquidator appointed by a British Virgin Islands court to liquidate Three Arrows Capital, to secure and liquidate the hedge funds’ assets in Singapore, reported Bloomberg on August 24.

Teneo is looking into the liquidation process of Three Arrows Capital and securing its global assets. The court approval gives Teneo to secure all financial records, including bank accounts, cryptocurrencies, NFTs, stakes in companies, and properties.

This prevents Three Arrows’ founders Su Zhu and Kyle Davies to sell their assets in Singapore. Earlier in July, Su Zhu reportedly tried to sell one of his homes in Singapore for $35 million. In fact, Three Arrows’ co-founder Su Zhu has two luxury homes in Singapore.

Until now, Teneo gained control of almost $40 million of Three Arrows Capital’s assets. A court filing by creditors reveals they owned over $2.8 billion in unsecured claims. The creditors include crypto-asset broker Voyager Digital LLC and crypto-focused venture capital firm Digital Currency Group.

A spokesperson for the Singapore High Court declined to comment on the Three Arrows Capital court case. He said:

“We are unable to comment on cases that are before the Courts.”

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Crypto Market Fails to Recover

The Terra-LUNA crash contagion led many crypto firms including Celsius and Voyager Digital to file for bankruptcy. Also, forcing several crypto firms to stop withdrawals, puts crypto investors into FUD.

The crypto market crashed with top cryptocurrencies Bitcoin and Ethereum falling below $20,000 and $1000, respectively. The total crypto market cap falls from $2 trillion to below $1 trillion.

Moreover, Three Arrows Capital’s founders Su Zhu and Kyle Davies fail to cooperate with courts and liquidators.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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