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Summary: Three Arrows Capital has filed for Chapter 15 bankruptcy in New York 3AC filing for bankruptcy comes less than a week after a British Virgin Islands court ordered the hedge fund into liquidation. The financially embattled crypto hedge fund of Three Arrows Capital has filed for Chapter 15 bankruptcy in New York.
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The firm borrowed large amounts of funds from several crypto lenders, including BlockFi, Celsius, Babel Finance and Voyager Digital, but was unable to pay. The lenders halted withdrawals or needed credit lines extended to weather the storm. Chapter11dockets.com first announced the bankruptcy, and Bloomberg reported it was a Chapter 15
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Cryptocurrency staking and yield generation platform Finblox increased a $1,500 cap on withdrawals as it deals with the fallout from its exposure to Three Arrow Capital. Original Source
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The fund also exceeded the threshold of assets it could manage in Singapore, according to the central bank. Original Source
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The liquidation of crypto hedge fund Three Arrows Capital (3AC) has been ordered in a court in the British Virgin Islands, according to a report by Sky News. Source
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Madoff in this scenario would be the founders of 3AC, Su Zhu and Kyle Davies, who used their reputation to “recklessly borrow from just about every institutional lender in the business,” resulting in pain for some high-profile names in the industry, including Voyager Digital, Babel Finance and BlockFi, Sean Farrell,
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Crypto brokerage Voyager Digital (VOYG.TO) has issued a notice of default to Three Arrows Capital (3AC) after the beleaguered hedge fund failed to make the required payments on its loans of 15,250 bitcoins and $350 million in USDC, worth about $670 million at current prices. Source
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Crypto exchange Voyager Digital has issued a notice of default to hedge fund Three Arrows Capital (3AC) for its failure to pay its 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) loan disclosed in a previous statement. In a market update by Voyager, the exchange noted that it's currently exploring
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The Dubai Financial Services Authority says the embattled crypto fund has not set up shop in the Emirate, despite stated plans. Original Source
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