Recent legal documents reveal several details about the insolvency status and issues surrounding the 3AC crypto fund.
- The co-founders of Three Arrows Capital capital is most commonly defined as the large sum of money you would use to invest. they would have bought luxurious properties.
- Reports reveal debts of more than USD $3 billion.
- The fund filed for bankruptcy and its founders are missing.
Before filing for bankruptcy, the founders of the beleaguered crypto-fund Three Arrows Capital (3AC) reportedly used money borrowed from the company to buy luxury properties, according to a new report.
According to various news media co-founders Su Zhu and Kyle Davies made a down payment on a yacht valued at $50 million while the company was under investigation. Reports cited the documents filed in the High Court of Singapore, which form part of 3AC’s liquidation liquidation refers to the conversion of an asset or cryptocurrency for fiat or its equivalents. administration process in the British Virgin Islands.
Davies is said to have been interested in owning the yacht “ largest “than any other property ever owned by a billionaire in Singapore. It is believed that this acquisition was made with borrowed funds while the company was experiencing payment difficulties with its creditors. The cruise ship is scheduled to be shipped to Italy in the coming months.
Cofundadores compraron propiedades de lujo
Once one of the largest cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. funds in the industry,Three Arrows Capital has been in the limelight in recent weeks due to his state of health. insolvency . The firm, which once had more than $10 billion under management, suffered massive losses after the ecosystem implosion. Earth in mid-May and the broadest drop in the cryptomarket.
Earlier this month, the fund filed for Chapter 15 bankruptcy in a Southern District of New York court in an attempt to protect its assets from creditors at home. But the problems appear to be far from over for the firm.
The most recent legal documents seem to shed light on the state of insolvency and the conflicts involvingThree Arrows Capital. Among them, it is suggested that the yacht wasn’t the only luxury property which its founders possibly acquired with money from investors. According to Blockworks the presentation shows that Zhu and his wife, Zhu and his wife bought two bungalows of ” good class “The company’s total investment in Singapore is between USD $28.5 million and USD $48.8 million. in the last two years.
The purchases were provided as evidence that the co-founders may have been using the company’s assets for personal purchases, the media outlet added, citing liquidators.
It is worth noting that a court in the British Virgin Islands (BVI) ordered the liquidation of 3AC on June 27th. A informe deThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. at the time revealed that the financial advisory firm had been appointed to the Teneo to handle the liquidation process. 3AC operated in Singapore until last year, when it reportedly moved to the British Virgin Islands, according to reports.
Reports reveal millions of dollars in debts of 3AC
In addition to the property purchases, the documents presented by Teneo , which essentially represents creditors, also revealed that 3AC owes USD$3.5 billion in debt to some 27 cryptocurrencies. Among these, the largest creditor is crypto-lending platform a place to buy, sell and store cryptocurrency Genesis with whom 3AC has an outstanding balance of USD $ 2.36o million.
According to The Block which also reviewed the documents in question, Genesis sought to recover some of its loans by initiating arbitration proceedings against 3AC in New York last month. However, he has so far been unable to do so. Genesis claimed earlier that 3AC had defaulted on two loan agreements that were signed in January 2019 and January 2020.
The debts don’t end here, as one of the article by CoinDesk has also revealed thatThree Arrows Capital owes the development laboratory of Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. ,Moonbeam Foundationabout $27 million in cryptocurrencies.
In the meantime, some informs indicate that the co-founders are missing . In general, Zhu and Davies have remained silent about the company’s problems. Last month you said al Wall Street Journal that the company was considering selling assets and seeking a possible bailout, but have made no further comment since.
According to CoinDesk In addition, lawyers involved in 3AC’s liquidation proceedings in the British Virgin Islands have stated that none of the founders have cooperated in the proceedings and their current location is unknown.
- Celsius and its cryptocurrency subsidiary officially declare bankruptcy
- Voyager Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. reported that its severance plan could change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. depending on what happens with Three Arrows Capital.
- Three Arrows Capital received a notice of default for non-payment of more than $650 million in loans
Article by Hannah Estefania Perez / DiarioBitcoin
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