Three Arrows Capital files for bankruptcy
The filing form does not allow for the seizure of the fund’s assets in the US until the liquidation proceedings have been completed
02.07.2022 - 09:00
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What’s new? Cryptocurrency hedge fund Three Arrows Capital (3AC) has filed for bankruptcy in New York. According to Bloomberg, the filing form prevents creditors from seizing the fund’s assets in the US until liquidation proceedings in the British Virgin Islands are completed. The liquidation was ordered by the court on June 29 as part of 3AC’s insolvency case.
3AC situation. On June 16, 8BlocksCapital accused 3AC of stealing $1 million from the company’s accounts to secure borrowed funds and avoid bankruptcy. The next day, the FTX, Deribit, and BitMEX exchanges liquidated the fund’s positions since it failed to settle margin calls. It was reported that 3AC owed BitMEX $6 million.
In addition, FTX provided loans to BlockFi and Voyager Digital to cover losses due to debt from Three Arrows. The Singapore regulator later reprimanded the fund for providing false information and exceeding the maximum allowed amount of assets under management.
For more details on the experts’ opinion regarding the consequences of closing 3AC’s positions see the GetBlock Magazine editorial’s feature.
Three Arrows Capital was founded in Singapore in 2012 and invested in crypto, GameFi, and DeFi projects. One of these projects was Praxis, a crypto city-building startup.
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