2 years ago
Singapore’s High Court has granted Three Arrows Capital liquidators Teneo power to unafraid and liquidate its assets successful the country, Bloomberg News reported connected August 24.
According to the report, Teneo is present recognized successful Singapore to petition entree to 3AC locally-owned assets and fiscal records.
It means the liquidator tin absorption connected 3AC assets similar slope accounts, cryptocurrencies, non-fungible tokens, and stakes successful companies and properties successful Singapore.
Reports revealed that the liquidator controls astir $40 cardinal worthy of assets belonging to the crypto fund, a fragment of the implicit $2 cardinal unsecured claims against the firm.
According to tribunal papers, the unsecured claims are expected to emergence further, arsenic not each creditors person filed their claims.
The liquidators had antecedently said the cofounders were uncooperative. The 2 are presently successful Dubai and are besides portion of the creditors who filed claims against the bankrupt firm.
A British Virgin Islands tribunal had appointed Teneo arsenic the bankrupt hedge money assets administrator, but it had recovered it hard to workout the bid successful Singapore.
The crypto-focused hedge money had its office successful Singapore until April, erstwhile the cofounder Zhu Su announced plans to determination its office to Dubai.
However, it is registered with Singapore fiscal regulator BVI, and astir of its operations remained successful the state until its eventual collapse.
Three Arrows Capital is portion of the salient crypto firms that crashed owed to the Terra/LUNA collapse. Three months aft the incident, crypto firms similar Voyager and Celsius person declared bankruptcy.
The station Singapore tribunal grants liquidator entree to 3AC’s assets appeared archetypal connected CryptoSlate.
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