As it will be remembered, the British Virgin Islands court (BVI) was based in Singapore in the past weeks. cryptocurrency hedge fund of Three Arrows Capital (3AC) was decided to be liquidated.
The court entrusted the consultancy firm Teneo with the task of managing the dissolution of 3AC.
According to the news of Straits Times, a local news organization in Singapore, Teneo, the company that manages the liquidation of 3AC, has applied to the Singapore High Court to have the liquidation decision of the BVI court recognized by the Singapore legal system.
If Teneo’s lawyers are successful, 3AC’s assets in Singapore will be secured for creditors.
Teneo’s attorneys stated that as a liquidator, Teneo’s main role is to protect 3AC’s assets in the liquidation process and to identify who its creditors are.
“If we can prove that 3AC’s co-founders, Zhu Su and Kyle Davies, have mismanaged or abused the company, we may seize 3AC’s assets in Singapore for the benefit of creditors.”
Teneo’s lawyers also asked the court to provide details regarding the wallets, bank accounts, securities and other company records of 3AC’s founding partners.
In early July, Zhu Su put up for sale one of its luxury homes in Singapore worth S$48.8 million (US$35 million), Bloomberg reported.
Three Arrows Capital, the largest cryptocurrency hedge fund in the market, founded in 2012 by former school friends Su Zhu and Kyle Davies. TerraUSD (UST) and LUNA It had approximately $3 billion in assets under management in April prior to its collapse.
However, in May TOP and LUNA After its collapse, 3AC suffered massive damage. The company is currently in the liquidation process as it cannot pay its debts to its creditors.