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The court liquidates Three Arrows Capital

The court liquidates Three Arrows Capital

An order to liquidate a cryptocurrency hedge fund was issued in the Virgin Islands because of its illiquid organization status. 

According to Sky News, the court ruling was issued against a subsidiary of 3AC Teneo Restructuring, registered in the Virgin Islands. The document will allow starting the procedure of liquidation of the fund's assets.

Three Arrows Capital is a Singapore-based cryptocurrency hedge fund founded in 2012. Amid a massive market downturn this year, the organization has failed to meet the demands of its creditors.

On June 27, U.S. cryptocurrency company Voyager Digital LLC issued a notice of default of cryptocurrency fund Three Arrows Capital (3AC) for failing to make necessary loan payments. In total, 3AC received loans to Voyager for 15.2 thousand BTC and 350 million USDC.

In mid-June, Hong Kong-based trading company 8BlocksCapital accused cryptocurrency hedge fund Three Arrows Capital of stealing $1 million. 3AC is suspected of using borrowed funds to fund its trading accounts while receiving margin calls.

The fund suffered losses during the collapse of the Terra ecosystem and faced further problems when major cryptocurrency lender Celsius Network suspended all withdrawals, swaps, and transfers between accounts.

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