Access To Records On Three Arrows Capital Assets
According to a recent report citing people familiar with the situation, liquidators of 3AC (Three Arrows Capital) shall reportedly be able to access records of the cryptocurrency hedge fund&39s assets. A petition by the advisory firm Teneo was recently granted by the Singapore High Court.
Teneo will be capable of requesting access to financial records kept locally, according to the sources, and they hope to see bank accounts, properties, cryptocurrency assets, non-fungible tokens, and stakes in other companies. Overall, they will prioritize asset preservation.
Thus far, the liquidators have control over $40 million in crypto hedge fund assets. Nevertheless, this is insufficient to meet the claims. Moreover, 3AC allegedly received a $2.36 billion loan from Genesis Trading alone.
Creditors attended a liquidating meeting on July 18th, and it was discovered that the claims totaled approximately $2.8 billion. As more creditors file claims, this figure could rise even higher. Su Zhu, 3AC Co-Founder, has also filed a million-dollar claim against his own company.
This is yet another significant development in what is turning out to be one of the most controversial cases of the year. The crypto winter has not been kind to many crypto companies and 3AC is no exception, with countless customers still scrambling to recover their lost funds.
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