Founders Of Three Arrows Capital Went Missing After 1st July!

Founders Of Three Arrows Capital Went Missing

Founders Of Three Arrows Capital Went Missing After 1st July!

Three Arrows Capital, the largest cryptocurrency hedge fund based in Singapore, was founded in the year 2012 by Su Zhu and Kyle Davies and was ordered to liquidate all their assets on 27th June 2022 by the court in the Brtish Virgin Islands.   

Moreover, the Singapore-based hedge fund wrapped up many counterparties and companies as they were unable to pay the loans. Mostly the hedge fund took a large number of loans from the market and invested them in new blockchain technology-based projects. For example, 3AC, in an interview, told the Wall Street Journal that they had invested $200 million in Luna, a stablecoin pegged against cash or cash equivalents. 

While the crypto market is facing a downward spiral, including the largest cryptocurrencies, Bitcoin and Ethereum losing 80% of their market value, 3AC faced severe consequences after the collapse of Tether (USDT) and its sister token Luna, which made investors lose $60 billion. Furthermore, 3AC were unable to receive margin calls from lenders. 

Liquidators are now demanding immediate access to their Singapore office, the confidential files, and data. On 8th July 2022, lawyers in the U.S. court reported that they didn’t have any clue about the whereabouts of Su Zhu and Kylie Davies. Moreover, the founders of 3AC are not cooperating in the liquidating process with no comments from their lawyer or the founders. 

“Three Arrows Capital was supposed to be in the adult room”, quoted Nik Bhatia, a professor of business and economics at the University of Southern California. 

The liquidator claims that Su and Davies have not even begun to participate in the liquidation process and are not even concerned about the delays being caused in their work.

More at: FXlearnpro.com

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