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Three Arrows Capital lines up for liquidation

Crypto hedge fund Three Arrows Capital (3AC) has been ordered to liquidate as plummeting crypto prices left the firm unable to repay creditors, Sky News reported.

See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto

Fast facts

  • A court in the British Virgin Islands appointed two senior members of global advisory firm Teneo to manage the liquidation, according to a person familiar with the matter, cited by the Washington Post.

  • Teneo will soon set up a website allowing 3AC’s creditors to submit claims and stay informed on the insolvency.

  • The firm defaulted on a US$670 million loan from digital asset brokerage Voyager Digital on Monday, while a group of lenders including BlockFi canceled roughly US$400 million in loans to 3AC in mid-June.

  • A Hong Kong-based client has accused 3AC of using client capital to meet margin calls while ghosting creditors’ withdrawal requests funds.

  • 3AC’s confidence was shaken in May’s Terra crash after buying US$200 million worth of LUNA tokens for Luna Foundation Guard’s US$1 billion raise in February, cofounder Kyle Davies told the Wall Street Journal.

See related article: Client accuses Bitcoin, Ethereum backer Three Arrows Capital of misappropriating funds