The liquidators for crypto hedge fund Three Arrows capital say founders are missing. The founders of Three Arrow Capitals are reportedly missing, according to the people in charge of liquidating the bankrupt corporation. As per the document filed by the court on Friday, “Zhu and Davie’ whereabouts are currently unknown and its liquidators say they have not received any meaningful cooperation from the two”. Court-appointed liquidators uncovered a locked office door and old mail in Singapore.
According to the filing by the court, “And while a lawyer in Singapore purporting to represent the Founders recently approached the Foreign Representatives, the Founders have not yet begun to cooperate with the Foreign Representatives in any meaningful manner. There is a heightened risk Su and Davies could attempt to transfer 3AC assets to new accounts or wallets because a substantial portion is a cash and digital assets that are readily transferable”.
Liquidators For Crypto Hedge Fund Three Arrows Capital Say Founders Are Missing
Singapore-based 3AC filed for bankruptcy in the US in July to protect its assets from creditors. Following their liquidation by its lenders, they are currently potentially insolvent. Three Arrow Capitals is one of the major cryptocurrency lending platforms and has backed Avalanche, Polkadot, and Ethereum. The company has also failed to repay around $270 million to crypto exchange Blockchain.com.
Russell Crumpler and Christopher Farmer, Teneo’s senior derictora, can’t reach Zhu and Davies. Zhu and Davies stated they connected a Zoom call with Su Zhu and Kyle. In fact, their videos were turned off and their microphones are turned off. So they were on mute at all times and neither of them spoke despite questions being posed to them directly.
Teneo’s directors said they sought to find Zhu and Davies in Singapore. The court has scheduled a hearing to take place on Tuesday, July 12th regarding Three Arrow Capital’s situation. Three Arrow Capitals’ insolvency destabilized the crypto market and numerous crypto lenders including Voyager Digital. Voyager Digital is also one of the largest crypto lending platforms that filed for bankruptcy after the crypto hedge fund failed to repay its loan of around $650 million and Blockchain.com also loaned around 4270 million.
Avalanche, Solana, Polkadot, and Terra were all endorsed by The Three Arrow Capital prior to their rallies, and this has made them notorious. In fact, these assets are now facing double-digit losses.