Three Arrows Capital’s (3AC) liquidators have secured a significant court ruling in Singapore that could give them more insight into the remaining assets of the collapsed crypto hedge fund.
according to a bloomberg In the report, the court granted a petition by liquidator Teneo that allows the firm to look into the assets of 3AC in Singapore. Teneo was commissioned by a court in the British Virgin Islands in June to eliminate Three Arrows, but lacked the legal right to access information on locally held funds.
The liquidators of Three Arrows Capital won the Singapore decision, allowing them to investigate the remaining assets of the collapsed crypto hedge fund. three arrows looking at capital liquidators Examine and preserve the Singapore assets of crypto hedge funds.
Three Arrows Liquidators try to quantify assets
Recently, Teneo Restructuring was hired to manage the liquidation process. 3AC owns various illiquid assets in the form of venture-capital investments in crypto startups and firms.
Teneo attempted to quantify the assets and set up a website with instructions for creditors wishing to make a claim against 3AC.
When 3AC failed to meet margin demands during the liquidation of its assets, BlockFi and Genesis liquidated the company’s position. The hedge fund, co-founded by Su Zhu and Kyle Davis, is consulting a law firm in the Virgin Islands, where it is headquartered. It operated as a regulated fund manager in Singapore until last year, when it was transferred to the British Crown Colony.
Before deciding on liquidation, 3AC considered a rescue effort and asset sale by another company. The court’s ruling means Tenno can now access information about 3AC’s assets in Singapore and take steps to protect them.
Exchanges between creditors filing for liquidation
Several exchanges, including Deribit and Blockchain.com, filed for liquidation of 3AC. On June 11, Deribit found that 3AC violated a condition of its agreement with the derivatives exchange by failing to maintain a minimum balance in its account, causing the hedge fund’s position to expire on June 15.