Three Arrows Capital liquidators holds $35.6 M 

• The Liquidators of Three Arrows Capital have taken over about $35.6 million from the bankrupt crypto hedge fund. 

Teneo, a financial advisory and liquidation company, is the biggest portion of funds acquired since the bankruptcy of the platform in July. An amount of $3.5 billion in debt was left aftermath. Liquidators also retrieved about $2.8 million through the pressurized recovery of investments along with several crypto tokens and NFTs. 

Teneo has reported that the founders, Kyle Davis and Su Zhu is not been cooperating in the matter of finding and keeping the firm’s assets in order to give them back to the investors since then. 

The noncooperation of the founders

Five days after the bank went bankrupt, on July 6, Su and Davis went for a zoom call with the lawyers of the company, but choose to keep their cameras and microphone off and also not replied to the direct questions. Both the co-founders have also failed to give full financial records.

Su and Davis purport to be in Dubai and Bali, the places where rules famous for problems in implementing foreign court orders. Liquidators also claimed that the security experts were indulged by both to, among other things make safe interactions between specified persons that can be deleted.” When liquidators got access to the company’s office, it was found that several physical data, servers, hard drives, and data has been deleted. 

The status of Superyacht

The liquidators has also highlighted the status of the $50 million, 500-ton superyacht, titled the Much Wow, Su and Davis bought before their firm went for bankruptcy. In August, it was reported by the New York Magazine that both the mentioned founders boasted to familiarity that it will be massive than other richest billionaires’ yachts in Singapore.”

The liquidators verified that Su and Davies purchased the yacht directly from the firm’s coffers. When that fund shrivelled, the contract to buy Much Wow was rejected by the creator of the ship’s creator Sanlorenzo, and the yacht was recouped on the market. 

Liquidators claims Sanlorenzo keeps the profits from the sale of the Much Wow and will share the fund to a holding firm known as Much Wow Ltd., which liquidators have filed a $30 million claim against in the Cayman Islands. 

Liquidators also highlighted that Su has posted a tweet stating that “the time for truth to come out has came now” also, Davis has called on Bankman-Fried to “chat, with clarity, in a forum where the imposed pain upon can correspond.”

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)