A creditors committee to liquidate the bankrupt, Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) was established at a meeting on Monday and comprised Digital Currency Group, Voyager, CoinList, Blockchain.com, and Matrixport, according to a document published the same day on the Three Arrows bankruptcy website.
See related article: 3AC crypto contagion spreads to Blockchain.com: report
Fast facts
- The creditors’ committee will work with joint liquidators to “support the interests of all creditors” through insolvency, the document said, and affirmed that no one on the creditors’ committee has any relationship or connection to the founders or principles of 3AC.
- Russell Crumpler and Christopher Farmer of Teneo (BVI) were appointed joint liquidators by the local court of the British Virgin Islands. Crumpler and Farmer will have complete control of 3AC affairs to facilitate the insolvency process.
- Courts in the United States and Singapore granted the joint liquidators the power to liquidate 3AC on July 12 and July 15, respectively. Teneo said it is “in the early stages of liquidation.”
- Liquidators have yet to apply for a freeze on personal assets of the 3AC founders, but the company was reportedly transferring NFT assets.
- 3AC co-founder Zhu Su is on the list of creditors and is seeking US$5 million. Kelly Chen, the wife of fellow co-founder Kyle Davis, is also a creditor and is seeking US$65 million.
- Both founders of 3AC went missing, according to a motion filed with the U.S. Bankruptcy Court in New York.
See related article: Three Arrows Capital files for Chapter 15 bankruptcy
