- Three Arrows Capital Founders, Kyle Davies and Zhu Su, are found missing.
- Major selloff in digital currencies in late June resulted in Three Arrows going bankrupt.
- For reasons unknown, Three Arrows’ Starry Night NFTs was also switched to a new wallet.
Advisory firm Teneo has reported that the founders of Three Arrows Capital couldn’t be found anywhere. Teneo is expected to liquidate Three Arrows’ remaining assets. Liquidators sent by Court visited the company’s office in Singapore. They found the door closed. Neighbors say that no one had come to the office since late May or early June. Besides, a pile of old mail was also found by the entrance.
A court filings submitted last Friday noted that the 3AC founders have yet not cooperated in the proceedings meaningfully. The court filing also revealed Three Arrows had $3 billion in assets at the end of April. And around $10 billion in digital assets as of early this year.The major sell off in cryptocurrencies led to the firm filing for Chapter 15 bankruptcy in late June. Kyle Davies and Zhu Su are the co-founder of Three Arrows Capital. They defaulted on a $670 million loan granted by crypto broker Voyager Digital. After which they went bankrupt. Unfortunately, Voyager Digital too was declared bankrupt.
Moreover, the attorneys revealed that people named “Kyle” and “Su Zhu” were present in the first Zoom meeting. However, their video and audio were disabled. They didn’t respond to any direct inquiries. Their attorneys answered questions for them.
People are speculating that Three Arrows’ assets could soon move. The assets include NFTs, cryptocurrencies and cash. 3AC liquidators, Christopher Farmer and Russell Crumpler, say that there is a high chance that Zhu and Davies will move the remaining assets.
Meanwhile, a report published by Fortune mentions that the Three Arrows’ Starry Night NFTs were already transferred to a new wallet. The reason for the shift is unknown. While Zhu has also reportedly tried to sell a Singapore property. The property is worth millions of dollars. The crypto sector as a whole is shattered with the downfall of big crypto firms such as Three Arrows.
Source: https://www.thecoinrepublic.com/2022/07/12/three-arrows-founders-gone-missing-liquidators/