Bankrupt crypto hedge fund Three Arrows Capital’s liquidators get approval from the Singapore High Court to probe and liquidate the hedge fund’s assets in Singapore. British Virgin Islands court-appointed liquidator Teneo earlier filed a petition in the Singapore’s High Court to liquidate Three Arrows Capital’s assets in Singapore.
Singapore Court Approves Three Arrows Capital’s Liquidation
Singapore High Court on Monday approved a petition by Teneo, a liquidator appointed by a British Virgin Islands court to liquidate Three Arrows Capital, to secure and liquidate the hedge funds’ assets in Singapore, reported Bloomberg on August 24.
Teneo is looking into the liquidation process of Three Arrows Capital and securing its global assets. The court approval gives Teneo to secure all financial records, including bank accounts, cryptocurrencies, NFTs, stakes in companies, and properties.
This prevents Three Arrows’ founders Su Zhu and Kyle Davies to sell their assets in Singapore. Earlier in July, Su Zhu reportedly tried to sell one of his home in Singapore for $35 million. In fact, Three Arrows’ co-founder Su Zhu has two luxury homes in Singapore.
Until now, Teneo gained control of almost $40 million of Three Arrows Capital’s assets. A court filing by creditors reveals they owned over $2.8 billion in unsecured claims. The creditors include crypto-asset broker Voyager Digital LLC and crypto-focused venture capital firm Digital Currency Group.
A spokesperson for the Singapore High Court declined to comment on the court case. He said:
“We are unable to comment on cases that are before the Courts.”
Crypto Market Fails to Recover
The Terra-LUNA crash contagion led many crypto firms including Celsius and Voyager Digital to file for bankruptcy. Also, forcing several crypto firms to stop withdrawals, puts crypto investors into FUD.
The crypto market crashed with top cryptocurrencies Bitcoin and Ethereum falling below $20,000 and $1000, respectively. The total crypto market cap falls from $2 trillion to below $1 trillion.
Moreover, Three Arrows’ founders Su Zhu and Kyle Davies fail to cooperate with courts and liquidators.
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