Three Arrows Capital

The reported insolvency of Three Arrows Capital could plunge an already bearish crypto market even lower.

On Monday, crypto broker Voyager Digital disclosed it had lent $350 million worth of the stablecoin USDC and 15,250 bitcoins (worth around $325 million at the time), to the hedge fund. The brokerage requested repayment of $25 million in USDC from 3AC on June 24 and the entire loan amount by June 27, but the hedge fund failed to meet the deadline. Turmoil in the wider crypto market began earlier this month amid concerns of a recession, while a market selloff was accelerated when major cryptocurrency lender Celsius announced it had suspended all withdrawals.

A court in the British Virgin Islands has ordered Singapore-based crypto fund Three Arrows Capital to be liquidated, according to recent reports.

More open positions continued to emerge, with crypto broker Voyager Digital also revealing $661 million in exposure to the fund. Such a note doesn't ensure that the lender will be made whole, but it may mean they could soon collect the initial collateral. Whatever assets the company holds are then sold off piecemeal to various creditors with outstanding loans.

Crypto hedge fund facing collapse after claims of $650m default on loan to Voyager bank.

In an effort to recover funds, the exchange has issued a new crypto token, which it promises will pay an annual interest rate of 20% to investors who buy and hold it. Not only do I not have a debt to this counter-party, but this counter-party owes me a substantial sum of money, and I am currently seeking the return of my funds.” The bank had to freeze customer withdrawals and take out a multimillion-dollar loan from the founder of the cryptocurrency exchange FTX.

A slump in cryptocurrency prices, which has seen billions of dollars wiped off the market, has exposed a liquidity crisis at Three Arrows Capital.

3AC had borrowed from BlockFi but was unable to meet the margin call. 3AC, co-founded by Zhu Su and Kyle Davies, is one of the most prominent crypto hedge funds (whichfocus on investments in digital assets like cryptocurrencies) around and is known for its highly leveraged bets. Other cryptocurrency companies have also faced liquidity issues. The restructuring firm is taking steps to realize the assets 3AC has, then it will set up a website in the next day or two with instructions for how creditors can get in touch to make any claims, the source added. But a slump in digital currency prices, which has seen billions of dollars wiped off the market in recent weeks, has hurt 3AC and exposed a liquidity crisis at the company. - A slump in digital currency prices, which has seen billions of dollars wiped off the market in recent weeks, has hurt 3AC and exposed a liquidity crisis at the company.

A court in the British Virgin Islands ordered the crypto-focused firm into liquidation following a failure to repay its creditors as the value of bitcoin ...

Investors, adjusting to the aggressive moves of the Fed to cool the economy, are fleeing more speculative assets for safer bets. In coming days, Teneo will have a website that will allow potential creditors of Three Arrows Capital to submit claims and receive more information about the insolvency, the person said. Three Arrows Capital was created in 2012 by Su Zhu and Kyle Davies, and is known for its bullish moves on crypto.

A British Virgin Islands court ordered the liquidation of Three Arrows Capital, the crypto hedge fund that bet big on everything from Bitcoin to the ...

The fund's liquidity crunch is among a series of crises that has rippled through the battered crypto sector. Read more at straitstimes.com.

It is not immediately clear what or how much of these holdings will be subject to a sale. A website will be set up to locate creditors and determine who is owed what. Companies can also voluntarily liquidate, though that is less common.

Co-founded 10 years ago by former Credit Suisse traders Zhu Su and Kyle Davies, Singapore-based cryptocurrency hedge fund Three Arrows Capital has since ...

Teneo has been appointed as “joint liquidators” of Three Arrows Capital through the court order. The company later confirmed that it had suffered heavy losses. They were also under pressure from creditors including BitMEX.

A British Virgin Islands Court order ostensibly requests the crypto hedge fund wind up its activities after being sued by creditors.

A wide number of international media reported on the apparent imminent demise of Singapore-based Three Arrows Capital overnight, with many alleging a British Virgin Islands court had requested it liquidate its assets after being sued by creditors. The Wall Street Journal also indicated the same sources believe that Three Arrows creditors will be able to file their claims online, although the process is likely to be lengthy, with the court liquidation order only marking the start. Three Arrows co-founder Su Zhu is also apparently a creditor, it said.

Three Arrows Capital (3AC) has been ordered to liquidate as plummeting crypto prices has left the firm unable to repay creditors, Sky News reported.

See related article: Client accuses Bitcoin, Ethereum backer Three Arrows Capital of misappropriating funds - The firm defaultedon a US$670 million loan from digital asset brokerage Voyager Digital on Monday, while a group of lenders including BlockFi canceled roughlyUS$400 million in loans to 3AC in mid-June. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto

The Monetary Authority of Singapore has reprimanded Singapore-based crypto hedge fund Three Arrows Capital for providing false information.

Three Arrows Capital also exceeded the threshold of assets it could manage in Singapore, according to the central bank.

THE Monetary Authority of Singapore (MAS) has reprimanded Three Arrows Capital (3AC) for providing false information and exceeding the assets under ...

SINGAPORE -- Singapore's central bank and financial regulator on Thursday called out troubled crypto hedge fund Three Arrows Capital, also known as 3A.

Singapore's central bank says Three Arrows Capital failed regulatory requirements when moving fund management to the British Virgin Islands.

Three Arrows Capital, the crypto hedge fund ordered to liquidate after failing to repay creditors, was reprimanded by the Monetary Authority of Singapore ...

2. In August 2013, TAC obtained its RFMC status which allowed it to carry on fund management business with no more than 30 qualified investors and manage assets ...

(Paragraph 5(7F) of the Second Schedule to the SFR). However, this representation was misleading as TAC and the offshore entity shared a common shareholder, Mr Su Zhu, who is also a director of TAC. (Section 329(1) of the SFA). 2. In August 2013, TAC obtained its RFMC status which allowed it to carry on fund management business with no more than 30 qualified investors and manage assets of no more than S$250 million.

Singapore's financial regulator has accused embattled crypto hedge fund Three Arrows Capital of exceeding its assets threshold and providing false ...

read more It did not detail any penalties. read more

SINGAPORE: Singapore's financial regulator on Thursday (Jun 30) accused embattled crypto hedge fund Three Arrows Capital of exceeding its assets threshold ...

It did not detail any penalties. Crypto broker Voyager Digital issued 3AC with a default notice on Monday after it failed to make payments on a loan of 15,250 bitcoin (about US$290 million) and US$350 million worth of USDC, a stablecoin. On Thursday, the Monetary Authority of Singapore (MAS) said it had "reprimanded" 3AC and accused it of providing misleading information concerning its relocation to the British Virgin Islands in 2021.