Beleaguered crypto hedge fund Three Arrows Capital’s assets are being secured and liquidated by court-appointed liquidator Teneo after the firm filed for bankruptcy. According to blockchain explorer OKLink, a wallet address marked as Three Arrows Capital has moved nearly 10k Ethereum (ETH) and over 1.5 million USDT in the last 24 hours.
Wallet Linked to Three Arrows Capital Transfer Ethereum and USDT
As per data by OKLink, the address marked as “Three Arrows Capital” has received nearly 10,050 ETH worth over $16 million from several unknown wallets in the last 24 hours.
In addition, the Three Arrows Capital address also transferred over 1.6 million USDT to OKX, Huobi, and Binance wallets within 48 hours. At present, the balance under this address exceeds $21.5 million at the current market price.
In the last 3 hours, the wallet has transferred small amounts of Ethereum (ETH) to three OKX wallets worth nearly 25,000.
This is the first time since the bankruptcy filing in July that the wallet address has recorded such large transactions. The transactions seem to be the distribution of funds to the company’s executives and managers for legal preparations.
3AC Assets Risks Liquidation in Singapore
Three Arrows Capital liquidators have received approval to secure and liquidate the hedge funds’ assets in Singapore. The Singapore High Court granted a petition to British Virgin Islands court-appointed liquidator Teneo to liquidate 3AC’s assets in Singapore.
This will prevent Three Arrows’ founders Su Zhu and Kyle Davies to sell their assets in Singapore as per the court order.
However, Su Zhu has submitted an affidavit in Thailand claiming the liquidator has misled the high court in Singapore to gain the liquidation order. As per the affidavit, the entity Three Arrows Capital Pte Ltd (TACPL) was registered in Singapore until July 31, 2021. Also, it is not the investment manager for the main and feeder funds.
Therefore, Teneo is not liable to liquidate Three Arrows Capital Pte Ltd. Su Zhu believes all executives and employees are at risk of facing fines and imprisonment due to the contempt of court order.
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