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Three Arrows Capital Liquidation Ordered in British Virgin Islands
Partners from Teneo Restructuring have been called in to handle the insolvency.
Updated May 11, 2023, 6:50 p.m. Published Jun 29, 2022, 10:32 a.m.
The liquidation of crypto hedge fund Three Arrows Capital was ordered by a British Virgin Islands court on Monday, a person with knowledge of the situation told CoinDesk.
- Partners from New York-based Teneo Restructuring have been called in to handle the insolvency, the person said.
- Three Arrows Capital, which was founded by Su Zhu and Kyle Davies in 2012, has suffered heavy losses in the recent sharp downturn in the crypto markets. The possibility of insolvency was reported in mid-June after the firm, which is also known as 3AC, incurred at least $400 million in liquidations.
- Crypto brokerage Voyager Digital (VOYG.TO) issued a default notice to 3AC this week after the fund failed to make required payments on loans of 15,250 bitcoins and $350 million in USDC. Voyager's shares had plunged after it disclosed its exposure to 3AC.
- 3AC has been an active investor in the digital asset industry in recent years with investments across non-fungible tokens, decentralized finance, layer 1 blockchain firms and crypto companies.
- Teneo declined to comment, and 3AC didn't immediately respond to a request for comment.
- The court order and Teneo's role was reported earlier by Sky News.
Read more: FSInsight Accuses Three Arrows Capital of Running a ‘Madoff-Style Ponzi Scheme’
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UPDATE (June 29, 11:54 UTC): Changes sourcing; adds founding, Voyager Digital default notice.
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