A British Virgin Islands Court Order Liquidates Crypto Firm Three Arrows Capital – Bitcoin News
According to a recent report from Sky News citing a source familiar with the matter, “crypto insiders” have said that troubled crypto hedge fund Three Arrows Capital (3AC) has approved liquidated by the British Virgin Islands (BVI) court. The report did not disclose which assets were to be liquidated, but the sources commented that “ [3AC] Liquidation will be a pivotal moment in the current development of the cryptocurrency sector. “
3AC Reportedly Liquidated by British Virgin Islands Court System – Reporter says immediate financial impacts are ‘unclear’
Once again, a source familiar with the situation has had information regarding an alleged financial distressed digital currency company. According to Sky News, a source explained that Three Arrows Capital Ltd. was officially liquidated by the British Virgin Islands (BVI) court. Sky News author Mark Kleinman detailed that “it’s not clear what the immediate financial implications will be for Three Arrows’ creditors.” Bitcoin.com News report about the crypto hedge fund’s initial troubles two weeks ago when The Block’s Frank Chaparro cited sources as saying 3AC may have been liquidated for around $400 million.
The two founders of 3AC, Su Zhu and Kyle Davies, founded the company in 2012 and when the default story began, both Zhu and Davies became very quiet on social media. However, Zhu tweeted on June 14, that 3AC is “in the process of communicating with stakeholders and is fully committed to resolving this issue.” Allegedly, 3AC had significant exposure to Terra’s LUNC token, and it speak that the approximately $200 million in 3AC’s locked luna classic (LUNC) has evaporated less than a thousand dollars.
On June 29, Kleinman report that a British Virgin Islands (BVI) court has officially liquidated 3AC assets. The report states that the news agency became aware that “partners from Teneo in the British Virgin Islands have been arranged to handle the Singapore-based company’s default.” Kleinman further detailed that news of the BVI court order came from “a person familiar with the situation” and that the order was filed on June 27. Furthermore, the journalist has contacted 3AC for comment on the order. The court’s alleged liquidation and the company did not respond.
What do you think of the report claiming 3AC was liquidated by the BVI court system? Let us know your thoughts on this topic in the comments section below.
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