Bankrupt hedge fund Three Arrows Capital has reportedly received approval from the Singapore High Court to investigate and liquidate the hedge fund's assets in Singapore. British Virgin Islands court-appointed liquidator Teneo previously filed a petition in the Singapore High Court to liquidate Three Arrows Capital's assets in Singapore.
The High Court of Singapore recently approved a petition by Teneo, the liquidator appointed by the British Virgin Islands court to liquidate the Three Arrows Capital fund in Singapore.
Teneo is looking into the process of liquidating Three Arrows Capital and acquiring its global assets. Court approval gives Teneo access to all financial records, including bank accounts, cryptocurrencies, NFTs, interests in companies and real estate.
This prevented Three Arrows founders Su Zhu and Kyle Davies from selling their assets in Singapore. Earlier in July, Su Zhu was reportedly trying to sell one of his homes in Singapore for $35 million.
To date, Teneo controls nearly $40 million in Three Arrows Capital's assets. Court filings by creditors reveal they own more than $2.8 billion in unsecured claims. Creditors include crypto asset broker Voyager Digital LLC and crypto-focused venture capital firm Digital Currency Group.
Recalling what happened, the Terra-LUNA crash caused many crypto firms including Celsius and Voyager Digital to face bankruptcy. Crypto markets fell with top cryptocurrencies Bitcoin and Ethereum falling below $20,000 and $1000 respectively. The total crypto market cap fell from $2 trillion to under $1 trillion.
