April 20, 2024

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Crypto Hedge Fund Files Three Arrows For Bankruptcy

Crypto Hedge Fund Files Three Arrows For Bankruptcy

Cryptocurrency Hedge Fund Three Arrows Capital (3AC) Foot to Chapter 15 bankruptcy in an effort to protect its US assets from the country’s creditors, as I reported earlier Bloomberg And the CNBC. Representatives for the Singapore-based company filed the lawsuit in New York’s Southern District Court on Friday, which Legally protects American assets of insolvent foreign debtors of United States creditors.

Founded in 2012 by Kyle Davis and Su Zhu, 3AC It managed about $10 billion in assets as of Marchlater drowned to $3 billion in April. Like many other crypto companies, Including lending giant Celcius and Babel Finance3AC’s role in wealth is part of the so-called crypto “winter” Stablecoins dropped And the Bitcoin depreciated.

Earlier this week, reports surfaced about it 3AC failed to repay a $670 million loan Provided by crypto broker Voyager Digital, which Since then I have stopped all trading, deposits and withdrawals as a result of. Sky News I mentioned later That a court in the British Virgin Islands has ordered the liquidation of 3AC and that the company is working with business advisory firm Teneo to oversee the process.

In May, Davis and Zhou admitted to entering meeting with The Wall Street Journal The company lost the subsequent investment of $200 million Luna and TerraUSD Sister Coin Crash. At the time, the two remained optimistic about crypto’s prospects, telling The Wall Street Journal That they have “always been a believer in cryptocurrency” and “are still.”

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