According to a recent Sky News report citing a source familiar with the matter, “cryptocurrency insiders” said the troubled crypto hedge fund Three Arrows Capital (3AC) had been formally liquidated by a British Virgin Islands (BVI) court. The report does not disclose what assets are facing liquidation, but the sources noted that “the [3AC] liquidation would be a significant moment in the current unfolding of the cryptocurrency.
3AC Reportedly liquidated by British Virgin Islands Court system – Reporter Says Immediate Financial Implications Are ‘Unclear’
Again a source familiar with the situation has information from a disputed company about digital currency facing alleged financial difficulties. According to Sky News, a source explained that Three Arrows Capital Ltd. was officially liquidated by a British Virgin Islands (BVI) court. Sky News author Mark Kleinman details that it is “unclear what the immediate financial implications would be for Three Arrows’ creditors.” Bitcoin.com News reported on the crypto hedge fund’s initial problems two weeks ago when Frank Chaparro of The Block quoted sources who said 3AC may have been liquidated for about $ 400 million.
the two founders of 3AC, Su Zhu and Kyle Davies, founded the company in 2012 and when the stories of insolvency began both Zhu and Davies became very quiet on social media. Zhu, however, tweeted on June 14 that 3AC was “in the process of communicating with relevant parties and fully engaged in working out this.” Supposedly, 3AC has significant exposure to Terra’s LUNC token and it was said that 3AC stash of about $ 200 million in a locked lunar classic (LUNC) evaporated into less than a thousand dollars.
June 29, Kleinman reported that a British Virgin Islands (BVI) court formally liquidated 3AC assets. The report says the news media found out that “Teneo’s partners in the British Virgin Islands have been lined up to deal with the Singapore firm’s insolvency.” Kleinman further detailed that the news of BVI’s order came from a “person familiar with the situation” and the order was filed on June 27. In addition, the journalist contacted 3AC for comment on the alleged liquidation order of the court and the company did not. to answer.
What do you think of the report that claims 3AC was liquidated by the BVI court system? Let us know what you think about this topic in the comment section below.
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