The inevitable happened – The news fell last Monday. The hedge fund specializing in cryptos Three Arrows Capital (3AC) is judicial liquidation. End of the suspense in a affair that smelled of scorch for a few days already. Details to follow!
3AC: another collateral victim of the crypto winter
The crypto ecosystem is currently going through an area of strong turbulence. And a new victim is unfortunately to be deplored. Three Arrows Capital had already announced, a few days ago, that she had liquidity problems. The Singapore company was finally caught up in the justice system. The news came from a court in the British Virgin Islands which handed down a liquidation order June 27. And it was the Sky media that published the info first.
What next for the company?
Still according to this media, a New York company, Teneo Restructuring, will help manage the insolvency of Three Arrows Capital. Finally, Kyle Daviesthe fund’s co-founder, told the Wall Street Journal that he was “determined to solve the problems and find a fair solution for everyone”.
People familiar with the matter are considering a sale assets or rescue by a third party. But at the moment, nothing is official. The only certainty is that the bleeding continues in crypto businesses and that some try to take advantage.
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