THE DAILY ENCRYPT

October 3, 2022

High Court in Singapore Gives 3AC Liquidator Go Ahead for Asset Probe

This decision will allow Teneo, Three Arrow's liquidator to investigate assets in Singapore. Three Arrows Capital liquidators secured a critical ...
Photo by The Daily Encrypt

This decision will allow Teneo, Three Arrow’s liquidator to investigate assets in Singapore. Three Arrows Capital liquidators secured a critical court decision in Singapore that will allow them to investigate the assets of the defunct crypto hedge funds, Bloomberg reported, citing sources familiar with the matter.

Teneo, Three Arrows Capital’s liquidator, was granted by the Singapore High Court on Monday. The court has legalized the liquidation order that was originally filed in British Virgin Islands.

Teneo can request any financial records that are held in Singapore through recognition. This includes bank accounts and cryptocurrencies. Su Zhu, 3AC founder, was reportedly trying to sell a Singapore home worth $35 million in July.

Related Articles:  Crypto Firms Are Ordered to Pay Fees to Uzbekistan Government Starting Instantly

The collapse of the hedge fund was just one of many crypto contagions that spread throughout the industry. In May, algorithmic stablecoin TerreUSD (UST), along with the LUNA ecosystem, collapsed . 3AC also had exposure to the ecosystem. Su Zhu called the episode “humbling”.

After Terra’s collapse crypto lenders such as Celsius Network and Voyager Digital filed bankruptcy, while many firms were forced to stop withdrawals due to the liquidity crunch that gripped the crypto markets.

Related Articles:  Deputy Governor at The BOE Says Existing Regulation Should Merge With Crypto

Teneo has taken control of at most \$40 million of Three Arrow Capital’s assets. This is a fraction of the creditor claims that are at least $2.8 trillion according to a 1,157 page court filing published July.

Three Arrows Capital founders broke their silence soon after the court filing was made public. Su Zhu, Kyle Davies and others described the collapse as “regrettable.”

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES