Cryptocurrency Teneo, the consulting firm that oversaw the liquidation of hedge fund Three Arrows Capital (3AC), has taken control of some of the company’s assets.
Three Arrows Capital Creditors’ Representative Received $35.6 Million in Cash from the Company
The presentation, presented by Teneo at a hearing in New York’s Southern Bankruptcy Court today, states that the liquidators have made some progress in liquidating assets in the 3AC case.
The statement included the following:
“Liquidators took control of a total of US$35.6 million in fiat currencies held by Singapore banks and/or the Company’s pre-appointment attorneys. Revenues from mandatory payments of investments amounting to US$ 2.75 million were also obtained.”
As part of the process, Teneo took control of 3AC’s Starkware tokens and the liquidators purchased the tokens according to the original agreement terms. 3AC had invested in Starkware’s $75 million Series B round and $50 million Series C round.
Teneo currently controls the exchange accounts of Three Arrows Capital. According to the presentation, the firm also received transaction history and identified more than 60 token types.
Teneo keeps the recovered tokens in a crypto custody account under its control and converts them to USD as needed. It was announced that Ethereum assets were liquidated at an average price of $ 1,810.
The presentation alleged that 3AC founders Su Zhu and Kyle Davies have repeatedly refused to cooperate with Teneo:
“The founders’ limited cooperation has led to only cursory disclosure of assets and certain deals. The founders appear to be based in Bali, Indonesia and/or the UAE, regions known for difficulties in enforcing foreign court orders.”
*Not investment advice.
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