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3AC Co-Founders Used Assets To Buy $50M Yacht, Requesting It Be The 'Biggest Yacht In Singapore'

Published 19/07/2022, 21:30
© Reuters. 3AC Co-Founders Used Assets To Buy $50M Yacht, Requesting It Be The 'Biggest Yacht In Singapore'

In a recent affidavit, it was revealed that cryptocurrency fund Three Arrows Capital (3AC) used its assets to buy a multi-million-dollar yacht.

What Happened: Liquidator Russel Crumpler published a 1,157-page affidavit revealing numerous details of 3AC. Documents revealed that 3AC co-founders Su Zhu and Kyle Davis made a down payment on a $50 million yacht, requesting it to be “the biggest yacht in Singapore.”

The reports revealed that the co-founders are suspected of utilizing borrowed money to make the purchase while evading contact from creditors.

Also Read: Do You Believe Bitcoin Is Going Above $30K, Ethereum Above $2K And Dogecoin Above 10 Cents By End Of August?

The report further reveals that Zhu and his wife recently spent between $28.5 million and $48.8 million on two Singapore "good class" bungalows. These assets were offered as proof that the co-founders could have been buying things for themselves using business funds. Thus, this news displays the disregard for fund assets by Zhu and Davis.

Following the infamous crash of Terra (CRYPTO: LUNA), there has been wide-ranging criticism of firm-leading individuals who are viewed as abusing public wealth.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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