• 22 June, 2024
News

Singapore Allows Three Arrows Liquidators to Investigate Crypto Fund

According to a report by Bloomberg that cited individuals familiar with the situation, the liquidators of Three Arrows Capital Ltd. were successful in getting a critical court ruling in Singapore, which may provide them deeper insight into the failed crypto

hedge fund’s remaining assets in a significant jurisdiction.

People who spoke on the condition that they not be identified because the proceedings were private stated that the Singapore High Court allowed a plea by advisory company Teneo on Monday to recognize the liquidation order in the nation. Teneo was appointed by a court in the British Virgin Islands in June to liquidate Three Arrows. The advisor is making an effort to gather the hedge fund’s assets and maintain its integrity.

As a result, Su Zhu and Kyle Davies, the founders of Three Arrows, are unable to sell any of their properties in Singapore. It was alleged that Su Zhu attempted to sell one of his residences in Singapore for $35 million earlier in the month of July. Su Zhu, one of the co-founders of Three Arrows, has two opulent mansions in Singapore.

Over $40 million in Three Arrows Capital assets are now under Teneo’s management. Creditors reported having more than $2.8 billion in unpaid assets in a court filing. Algorand,  Digital Currency Group, Deribit, and Voyager Digital LLC are among the creditors.

Response to several inquiries that were addressed to the Singapore High Court came from a spokeswoman for the court, who said: “We are unable to comment on cases that are before the Courts.” Bloomberg’s request for additional information on recent developments was not met with a response from Teneo’s representatives, nor did it get a response from Zhu or Davies.

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