The Court of the British Virgin Islands has ordered the liquidation of hedge fund Three Arrows Capital (3AC). This is reported by Sky News, citing informed sources.
According to them, the partners of the consulting company Teneo Restructuring were involved in the consideration of the insolvency case of the organization. 3AC has not yet commented on the information.
According to open data, Three Arrows Capital, Ltd is registered in the Virgin Islands. Singapore is listed as the headquarters address.
In May 2022, 3AC co-founder Su Zhu announced that the fund plans to move its headquarters to Dubai. He cited a more supportive regulatory environment as one of the reasons.
However, in June, a DFSA spokesman said the hedge fund did not have a license to operate in the emirate.
How the Celsius, 3AC and stETH issues will affect the price of Ethereum and the cryptocurrency market
In June, against the background of the collapse of the cryptocurrency market, there were rumors about the insolvency of Three Arrows Capital. Trading company 8 Blocks Capital accused the hedge fund of using client funds to cover margin calls.
According to some reports, cryptocurrency platforms BitMEX, FTX and Deribit liquidated 3AC's positions due to the latter's inability to meet margin requirements.< /p>
On June 17, hedge fund co-founder Kyle Davis said that Three Arrows Capital has hired legal and financial advisors to work out a solution for its investors and lenders.
Recall, on June 27, crypto broker Voyager Digital sent 3AC a notice of default due to non-payment of a loan.
Read the ForkLog bitcoin news on our Telegram – cryptocurrency news, rates and analytics.