Three Arrows Capital, also known by 3AC, filed for Chapter 15 Bankruptcy Friday. Google reported.
This is not surprising but it brings an end to the prominent, 10 year-old company that had managed assets in excess of $10 billion as recently as March according to Nansen, a blockchain analytics platform.
had suspended trading and withdrawals. It cited unpaid loans totalling $646 millions to Three Arrows. Voyager sent Three Arrows a Notice of default Monday.
A court in the British Virgin Islands ordered that the fund liquidate because it was unable to repay debt. The Monetary Authority of Singapore also reprimanded Three Arrows for providing false information and being misleading.
Three Arrows Capital was well-known for its investments in crypto-related ventures prior to its insolvency. Su Zhu, Kyle Davies and BlockFi founded the company in 2012.
Do Kwon’s algorithmic stabilitycoin UST was destabilized by Do Kwon and its value plummeted in May. The company lost approximately $200 million. 3AC’s positions have been liquidated by BitMEX and FTX as well as Deribit.
After the collapse of Three Arrows all eyes now turn to similarly troubled Celsius. It is believed that is in preparation for its own bankruptcy filing .