Only $40 million of Three Arrows Capital’s assets have been confiscated

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2022-07-23 18:52:40

The liquidator said it was only able to seize about $40 million in assets from Three Arrows Capital. This number is too small compared to the “claimed” debt of nearly $3.6 billion.

Only $40 million of Three Arrows Capital’s assets have been confiscated

As CHK reported, prior to filing for bankruptcy in the Southern District of New York, Three Arrows Capital (3AC) was ordered by a court in the British Virgin Islands (BVI) to liquidate assets according to a complaint from Blockchain. .com and Deribit exchange, two of the exchange’s creditors.

Subsequently, Teneo Restructuring was appointed by the BVI court as the liquidator for 3AC.

After the asset inventory process, on July 20, 2022, in a file submitted to the US Court, Teneo said they only confiscated $ 40 million of 3AC’s assets. Specifically, the number of assets includes bank accounts, cryptocurrencies, NFTs, and shares in crypto companies.

And the liquidator believes that Kyle Davies and Zhu Su still own or control “some crypto assets and bank accounts” of 3AC. Thus, the amount of seized assets is still too small compared to the number that Three Arrows Capital is “collected” by creditors of nearly $3.6 billion.

Evolution of the “liquidity crisis” in the crypto market

Since July 1, Teneo has sent information requests to about 40 companies and 30 banks and exchanges related to 3AC. Many of these parties have cooperated in providing information to 3AC.

Notably, the organization that claimed to lend Three Arrows Capital $2.36 billion is Genesis Trading and its parent company Digital Currency Group (DCG) is actively cooperating with the liquidator.

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