Not long ago, the liquidators at the Three Arrows had submitted a request at the Singapore Court for authorization to key financial records.
It is good news for the liquidators that the Singapore court has accepted the request and has granted them access to the financial records at Three Arrows.
Liquidators to Gain More Information about Assets
Now that the liquidators have permission to access the financial data, they will be able to gather more information about the assets.
Three Arrows Capital (3AC) now exists as a collapsed business with a financial record that needs to be sorted out before its complete closure.
Three Arrows Capital’s Sad Ending
Things were going well for Three Arrows Capital as it was operating without facing any hiccups as a cryptocurrency hedge fund.
Things were going smoothly and easily for 3AC until the TerraUSD crash happened back in May. The crash ended up causing a huge collapse in the entire cryptocurrency industry.
In terms of funds, the entire cryptocurrency ended up losing $900 billion due to the collapse of TerraUSD.
Among the companies that lost heavily, was 3AC which also ended up bringing the firm all the way down to the bottom.
Money Owed by Three Arrows Capital
Many investors from the cryptocurrency and the mainstream sector hedged their funds at 3AC. According to claims and records, 3AC owes a tremendous amount of $2.8 billion in the form of hedge funds and loans.
Voyager Digital, a major cryptocurrency broker claimed that Three Arrows Capital owed them $665 million and was not making any payments on it.
Teneo is the Liquidator
The petition was submitted to the Singapore High Court by Teneo, which is an advisory company. The liquidator did it for the liquidator order’s recognition for the 3AC.
It was back in June of 2022 when the British Virgin Islands court appointed Teneo as the liquidator of the troubled crypto hedge fund.
The amount Three Arrows Capital owes to its creditors and clients is tremendous ($2.8 billion). Therefore, the liquidator is going to take its time running a thorough investigation.
Teneo is going to ensure that it goes through all the necessary financial documentation and records to see if there are any funds that can be taken from 3AC.
With approval from the Singapore court, Teneo will be able to gain access to all financial trails. These records would include properties, shares, crypto holdings, bank accounts, financial filings, and other financial records belonging to 3AC.
Death Threats to the 3AC Co-Founders
Ever since the business’s collapse, the co-founders of Three Arrows Capital have found themselves facing a lot of troubles.
The co-founders, Kyle Davies and Su Zhu have claimed that they have been receiving death threats ever since the business collapsed.