According to a recent Sky News report citing sources familiar with the matter, “cryptocurrency insiders” have reported that troubled crypto hedge fund Three Arrows Capital (3AC ) has been officially liquidated by a court in the British Virgin Islands (BVI), according to the report. The report does not disclose the type of assets facing liquidation, but the source remarked that “(3AC) liquidation would be a significant moment in the current dismantling of the cryptocurrency sector.”
3AC has reportedly been liquidated by the British Virgin Islands court system – the reporter said the immediate financial impact is “unclear”
Again, sources familiar with the situation have information related to the embattled digital currency company facing alleged financial difficulties. According to Sky News, the source describedThree Arrows Capital Ltd.has been formally liquidated by a court in the British Virgin Islands (BVI), and Sky News author Mark Kleinman reports that “the immediate financial impact is unknown.” detailing that Bitcoin.com News reported on the crypto hedge fund’s first troubles two weeks ago, citing sources that Frank Chaparro of The Block said 3AC may have been liquidated for roughly $400 million.
3AC’s two founders,Su ZhuandKyle Daviesfounded 3AC in 2012, both Zhu and Davies were very quiet on social media when news of the insolvency broke. However, Zhu tweeted on June 14 that 3AC is “in the process of contacting all parties involved and is committed to resolving this.” Allegedly, 3AC has significant exposure to Terra’s LUNC tokens, and 3AC’s stash of approximately $200 million in locked Lunar Classics (LUNC) has allegedly evaporated to less than $1,000
On June 29, Kleinmanreportedthat a British Virgin Islands (BVI) court had officially liquidated 3AC’s assets. The report said that he had received information that “Teneo’s partners in the BVI have been lined up to handle the insolvency of the Singapore-based company. “Kleinman added that news of the BVI court order came from “a person familiar with the situation” and that the order was Kleinman further elaborated that the order was filed on June 27. Furthermore, the reporter asked 3AC to comment on the alleged court liquidation order, but the company did not respond.
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