Report: British Virgin Islands Court Freezes 3AC Assets Worth Over $1 Billion

A tribunal successful the British Virgin Islands has issued an bid to frost assets worthy implicit $1 cardinal belonging to the founders of the defunct crypto hedge money Three Arrows Capital. The worldwide frost bid besides bars Kelly Chen, the woman of Kyle Davies, from transferring oregon selling the co-founders’ integer assets.

Freeze Order Also Applies to Kyle Davies’ Wife

Digital assets worthy implicit $1 cardinal belonging to the founders of the now-defunct crypto hedge money Three Arrows Capital (3AC) person been frozen by a tribunal successful the British Virgin Islands. According to the firm’s liquidator Teneo, the court’s determination bars co-founders Su Zhu and Kyle Davies, arsenic good arsenic the latter’s woman Kelly Chen, from transferring oregon liquidating the integer assets.

The liquidator estimates the frozen assets to beryllium worthy $1.14 cardinal portion creditors are owed much than $3 billion. Since the illness of their firm, 3AC co-founders person been accused of attempting to frustrate the liquidation process by firstly filing for Chapter 15 bankruptcy extortion successful July 2022. The nonsubjective of the filing was reportedly to artifact the liquidator and creditors from seizing the firm’s assets successful the United States.

The co-founders person besides faced allegations of evading subpoenas and successful June this year, the liquidator asked the tribunal to enforce a good of $10,000 per time connected the non-complying Davies. Remarking connected the British Virgin Islands tribunal frost order, the liquidator said:

“The worldwide freezing bid has been sought successful transportation with claims that are being pursued by the liquidators that allege, amongst different things, that the founders should beryllium held liable for causing 3AC’s presumption to deteriorate by an magnitude that is equivalent to the worth of the freezing orders sought.”

After the illness of 3AC, some Zhu and Davies went into hiding but the former’s luck ran retired successful September erstwhile helium was arrested successful Singapore and was subsequently handed a four-month jailhouse sentence.

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