Singapore Court of Appeal rules against BVI liquidators in 3AC dispute
The Singapore Court of Appeal ruled against the liquidators of British Virgin Islands in the 3AC dispute. The liquidators of 3AC's British Virgin Islands were unable to overturn a Singaporean order that allows for the service of claims relating to ownership of affiliated funds outside the jurisdiction.
3AC liquidator Teneo’s address transferred 135,000 AVAX to Binance 1 hour ago
Blockchain analyst Yu Jin has monitored that 3AC liquidator Teneo (address 0x0be) transferred 135,000 AVAX (worth $7.87 million) to Binance one hour ago. On May 10th, 2023, the 3AC wallet will transfer 1.369 million AVAX to Teneo (address 0x0be), which is responsible for 3AC liquidation, when the AVAX price was $15.3.
Three Arrows co-founder Kyle Davies refuses to apologize for crypto hedge fund bankruptcy
Kyle Davies, co-founder of Three Arrows Capital (3AC), has refused to apologize for the crypto hedge fund's bankruptcy during an interview on the Unchained podcast. Davies also declined to reveal his current location. He stated that he is not sorry for the company's bankruptcy, as it is a common occurrence, but he and his team are doing their best to add value and learn from their mistakes. Davies and Su Zhu co-founded 3AC in 2012 but suffered heavy losses in the mid-2022 crypto market downturn, leading to insolvency proceedings in multiple countries. Singapore's central bank issued a nine-year ban against the 3AC founders in 2023, and a worldwide court order froze over $1 billion in assets belonging to them.
3AC liquidation wallet currently holds $1.1 billion in WLD and STRK
0xScope, a Web3 data analysis company, has monitored that the value held by the 3AC liquidation wallet has risen to more than $1.1 billion, thanks to the rise of WLD and STRK, including $735 million of WLD and $330.82 million of STRK.
3AC liquidator Teneo transferred 34,750 USDC to a new address
According to PShield monitoring, the clearing party Teneo of 3AC has transferred 34,750 USDC to the new address 0xc41ff…713c.
Three Arrows Capital’s creditors expect to recover nearly 46% of assets
The Block reported that Teneo, the liquidation company of 3AC Capital, estimated that creditors could recover about 45.74% of the assets from the bankruptcy assets.
Founders of bankrupt crypto hedge fund Three Arrows Capital have over $1 billion in assets frozen by court
A court in the British Virgin Islands has frozen over $1 billion in assets belonging to the founders of Three Arrows Capital (3AC), a bankrupt crypto hedge fund. The court order, issued on Monday, applies to Su Zhu and Kyle Davies, as well as Davies' wife, Kelly Chen. The liquidators of the firm, Teneo Restructuring, have been seeking $1.3 billion and included Chen in the order to maximize returns to creditors.
Source: 3AC co-founder Kyle Davies appears in Bali
Kyle Davies, co-founder of Three Arrows Capital, appeared in Bali, where he continues to evade authorities' investigation into the collapsed hedge fund. Davies was involved in the bankruptcy proceedings after Three Arrows Capital collapsed in 2022 and was sentenced to four months in prison in Singapore for failing to cooperate with the investigation into its bankruptcy.
Genesis Seeks Court Approval to Reduce Claim of Defunct Hedge Fund in Bankruptcy Process
Crypto lender Genesis, which is facing bankruptcy, has requested court approval to reduce the claim of defunct hedge fund Three Arrows Capital (3AC) from over $1 billion to $33 million as part of its Chapter 11 reorganization efforts. Genesis will also forfeit its claims to an undisclosed amount of AVAX and NEAR tokens. The proposed settlement is aimed at avoiding prolonged litigation and facilitating a smoother and more efficient reorganization process. The settlement proposal is pending approval by Judge Sean Lane at the U.S. Bankruptcy Court for the Southern District of New York, with a hearing scheduled for November 30.
Sotheby’s to Sell Second Lot of Seized 3AC NFTs, Including “The Goose”!
Sotheby's is hosting the 3AC auction, which will feature confiscated NFTs from bankrupt crypto hedge fund Three Arrows Capital, including Dmitri Cherniak's Ringers #879 ("The Goose"). The auction will showcase 37 exceptional works from renowned generative artists and will take place in New York on June 15. Cherniak's masterpiece, which was acquired for approximately $5.8 million in 2021, is one of the notable gems in this collection of NFTs. Other remarkable pieces up for sale include Tyler Hobbs' Fidenza #216.
