Skip to main content

Report: A British Virgin Islands Court Order Liquidates Crypto Firm Three Arrows Capital

http://motleybloggers.com/wp-content/uploads/2022/06/report-a-british-virgin-islands-court-order-liquidates-crypto-firm-three-arrows-capital.jpg



Report: A British Virgin Islands Court Order Liquidates Crypto Firm Three Arrows Capital

According to a recent report from Sky News citing a source familiar with the matter, “cryptocurrency insiders” have said that the troubled crypto hedge fund Three Arrows Capital (3AC) has been formally liquidated by a British Virgin Islands (BVI) court. The report does not disclose what type of assets face liquidation, but the sources remarked that “the [3AC] liquidation would be a significant moment in the current unraveling of the cryptocurrency sector.”


3AC Reportedly Liquidated by British Virgin Islands Court System — Reporter Says Immediate Financial Implications Are ‘Unclear’


Once again a source familiar with the situation has information pertaining to an embattled digital currency firm facing alleged financial hardships. According to Sky News, a source explained that Three Arrows Capital Ltd. has officially been liquidated by a British Virgin Islands (BVI) court. Sky News author Mark Kleinman details that it is “unclear what the immediate financial implications would be for Three Arrows’ creditors.” MotleyBloggers.com News reported on the crypto hedge fund’s initial troubles two weeks ago when The Block’s Frank Chaparro cited sources that said 3AC may have been liquidated for roughly $400 million.


Report: A British Virgin Islands Court Order Liquidates Crypto Firm Three Arrows Capital
3AC co-founder Su Zhu said on June 14, 2022, that his team was communicating with relevant parties. Since then, no one truly knows what has happened to the company and there have been various stories about 3AC’s alleged issues from ‘people familiar with the matter.’

3AC’s two founders, Su Zhu and Kyle Davies, founded the company in 2012 and when the stories of insolvency started both Zhu and Davies became very quiet on social media. Zhu, however, did tweet on June 14, that 3AC was “in the process of communicating with relevant parties and fully committed to working this out.” Allegedly, 3AC has significant exposure to Terra’s LUNC token and it has been said that 3AC’s stash of roughly $200 million in locked luna classic (LUNC) evaporated into less than a thousand dollars.

On June 29, Kleinman reported that a British Virgin Islands (BVI) court had formally liquidated 3AC assets. The report says that the news outlet had learned that “partners from Teneo in the British Virgin Islands has been lined up to handle the insolvency of the Singapore-based firm.” Kleinman further detailed that the BVI court order news stemmed from a “person familiar with the situation” and the order was filed on June 27. Furthermore, the journalist reached out to 3AC for a comment about the court’s alleged liquidation order and the company did not respond.




Tags in this story

3AC, 3AC hedge fund, British Virgin Islands, BVI court system, court order, crypto hedge fund, data, Frank Chaparro, Insolvency, insolvent, Kyle Davies, Liquidation, Liquidations, Mark Kleinman, report, sky news, Su Zhu, Terra’s LUNC token, Three Arrows Capital

What do you think about the report that claims 3AC was liquidated by the BVI court system? Let us know what you think about this subject in the comments section below.








Jamie Redman


Jamie Redman is the News Lead at MotleyBloggers.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for MotleyBloggers.com News about the disruptive protocols emerging today.







Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. MotleyBloggers.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.




Read disclaimer




Origina post from
https://motleybloggers.com/report-a-british-virgin-islands-court-order-liquidates-crypto-firm-three-arrows-capital/

Comments

Post a Comment

Popular posts from this blog

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this repor...
Post a Comment
Read more

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionar...
Post a Comment
Read more

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-da...
Post a Comment
Read more