3AC Liquidators Grab $35.6M From Singaporean Banks

Singaporean Banks Reports
Protection of 3AC Residual Assets

Three months after receiving permission from Singaporean Banks (High Court) to start looking into the company's assets there, liquidators for Three Arrows Capital have confiscated $35.6 million from the country's financial institutions belonging to the defunct cryptocurrency hedge fund.

Singaporean Banks Reports

Since Three Arrows collapsed in July, bringing a $3.5 billion debt in its wake, Teneo, the New York-based liquidation company authorized by a British Virgin Islands court, has taken the most money to date.

An undefined amount of cryptocurrency tokens and non-fungible tokens (NFTs), as well as $2.8 million from enforced refunds of investments, were also reportedly seized by liquidators, according to a report presented at a court proceeding on Friday.

Protection of 3AC Residual Assets

It is a difficult job for liquidators to locate and protect Three Arrows' residual assets so that they can be delivered to investors. The hedge fund's owners, Kyle Davies, and Su Zhu, haven't helped, according to Teneo, which claimed that both men have been unhelpful since the summer.

Liquidators seemed to be even more irritated with Su and Davies' inability to work together now that they have begun tweeting and speaking to the media. According to the court briefing, liquidators have only occasionally spoken with Su, Davies, and their attorneys.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

non-fungible tokens (NFTs) Su Zhu Kyle Davies Three Arrows Capital (3AC) cryptocurrency tokens

3AC Liquidators Grab $35.6M From Singaporean Banks

Gungun Bhatia

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.