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.
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.”
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.
The U.S. Securities and Exchange Commission (SEC) has postponed plans to develop rules for trading…
Another legal setback came for prediction market operators Kalshi and Polymarket. A federal appeals court…
Kevin Warsh has officially stepped up as the new chair of the U.S. Federal Reserve,…
The U.S. House Committee on Oversight and Government Reform has launched an investigation into insider…
Prediction market giant Polymarket is under fire as it has been the target of a…
Strategy continues to boost its Bitcoin holdings with STRC perpetual preferred shares and MSTR stock.…