Assets belonging to the co-founders of the collapsed hedge fund Three Arrows Capital (3AC) worth $1.14 billion have been frozen by a Virgin Islands court, according to the liquidator Teneo, Bloomberg reports.<\/p>\n
According to the order, the co-founders of the company Su Zhu and Kyle Davies, as well as Davies’s wife Kelly Chen, are barred from transferring or selling the blocked funds.<\/p>\n
According to the consulting firm, the total debt to creditors stands at about $3.3 billion. Meanwhile, in the organization \u043e\u0446\u0435\u043d\u0438\u0432\u0430\u044e\u0442<\/a> the asset recovery rate at 45.7%.<\/p>\n The liquidator also assessed 3AC’s portfolio:<\/p>\n To date, liquid assets have been sold for $34.5 million, and also NFT worth $15 million<\/a>. Together with the sale of other funds, Teneo has received $66 million.<\/p>\n Earlier, Teneo pointed to the possibility of a recovery of $1.2 billion<\/a> from Digital Currency Group and BlockFi. Before that, the 3AC liquidators filed suit against Zhu and Davies seeking the return of $1.3 billion<\/a>.<\/p>\n “The international freezing order was filed in relation to the claims being considered by the liquidators, who allege that the founders should be held responsible for the deterioration of 3AC,” said Teneo.<\/p>\n<\/blockquote>\n The request was filed the day after the Singapore court issued an order blocking the founders’ funds within its jurisdiction.<\/p>\n In May 2022, after the crash of the cryptocurrency market<\/a> and the Terra crash<\/a>, there were reports of possible insolvency of Three Arrows Capital<\/a>.<\/p>\n In late June, the High Court of the British Virgin Islands ordered the liquidation<\/a> of the hedge fund. In July, 3AC filed for bankruptcy<\/a> in a New York court. According to Nansen, the firm managed assets of about $10 billion.<\/p>\n In September 2023, Su Zhu detained<\/a> in Singapore as he attempted to depart the country.<\/p>\n\n
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