Crypto hedge fund Three Arrows recordsdata for chapter

Three Arrows Capital Cryptocurrency Hedge Fund (3AC) pay for Chapter 15 bankruptcy in an effort to protect its U.S. assets from domestic creditors, as previously reported by Bloomberg and CNBC. Representatives of the Singapore-based company filed the complaint in the Southern District Court of New York on Friday, legal protection U.S. assets of insolvent foreign debtors from U.S. creditors.

Founded in 2012 by Kyle Davis and Su Zhu, 3AC under management of approximately $10 billion in assets as of Marchthen sink to $3 billion in April. Like some other crypto companies, including lending giants Celcius and Babel Finance3AC’s fortunes are part of the so-called crypto “winter” downgraded stablecoin and causing the value of Bitcoin to plunge.

Earlier this week, reports surfaced that 3AC fails to repay $670 million loan offered by cryptocurrency broker Voyager Digital, has since halted all transactions, deposits and withdrawals the result is. Sky News report later that a court in the British Virgin Islands ordered the liquidation of 3AC and that the company is said to be working with business consulting firm Teneo to oversee the process.

In May, Davies and Zhu admitted in an interview with WSJ that the company lost the following $200 million investment crash of Luna and its sister coin TerraUSD. At the time, both remained optimistic about the prospects of the cryptocurrency, telling WSJ that they have “always been crypto believers” and “still are.”

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