June 21, 2024


The Joy of Technology

Five-member credit committee established to liquidate Three Arrows Capital


A collectors committee to liquidate the bankrupt, Singapore-centered cryptocurrency hedge fund A few Arrows Money (3AC) was recognized at a conference on Monday and comprised Electronic Forex Team, Voyager, CoinList, Blockchain.com, and Matrixport, in accordance to a document released the exact same working day on the 3 Arrows individual bankruptcy web-site.

See relevant report: 3AC crypto contagion spreads to Blockchain.com: report

Fast information

  • The creditors’ committee will perform with joint liquidators to “support the passions of all creditors” by insolvency, the document stated, and affirmed that no a person on the creditors’ committee has any connection or connection to the founders or concepts of 3AC.
  • Russell Crumpler and Christopher Farmer of Teneo (BVI) were appointed joint liquidators by the local court docket of the British Virgin Islands. Crumpler and Farmer will have entire control of 3AC affairs to aid the insolvency process.
  • Courts in the United States and Singapore granted the joint liquidators the power to liquidate 3AC on July 12 and July 15, respectively. Teneo explained it is “in the early stages of liquidation.”
  • Liquidators have however to apply for a freeze on personalized assets of the 3AC founders, but the organization was reportedly transferring NFT property.
  • 3AC co-founder Zhu Su is on the record of lenders and is seeking US$5 million. Kelly Chen, the spouse of fellow co-founder Kyle Davis, is also a creditor and is in search of US$65 million.
  • Each founders of 3AC went lacking, according to a motion filed with the U.S. Individual bankruptcy Courtroom in New York.

See connected posting: A few Arrows Cash documents for Chapter 15 bankruptcy


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