Three Arrows Capital Founders' Whereabouts Unknown, Bankruptcy Filing Reveals By Benzinga

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Three Arrows Capital Founders' Whereabouts Unknown, Bankruptcy Filing Reveals

Published Jul 11, 2022 09:21 Updated Jul 11, 2022 10:10

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Three Arrows Capital Founders' Whereabouts Unknown, Bankruptcy Filing Reveals

Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy protection earlier this month, and the beleaguered fund's legal team has said its co-founders are untraceable.

What Happened: The whereabouts of 3AC cofounders Su Zhu and Kyle Davies are unknown, according to court documents filed with the U.S. Bankruptcy Court of the Southern District of New York.

“The Foreign representatives understand and believe that while the Debtor has had certain operations in Singapore, Mr. Davies and Mr. Zhu’s current location remains unknown. They are rumored to have left Singapore,” 3AC's legal representatives said in the filing.

Why It Matters: The hedge fund, which once managed over $10 billion worth of capital, breached its margin requirements on a Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) loan last month. The Block reported, citing people familiar with the matter, that the liquidation totaled at least $400 million.

“We are in the process of communicating with relevant parties and fully committed to working this out,” Zhu said in a tweet dated June 15.

The 3AC co-founder was reportedly looking to sell his mansion, worth $35 million, in Singapore.

See Also: IS BITCOIN DEAD?

Price Action: The cryptocurrency market saw a 2.54% decline on Monday. According to data from Benzinga Pro, BTC was trading at $20,527 at press time, down 3% over the last 24 hours. ETH was trading at $1,153, down 2.9% over the same period.

Read the original article on Benzinga

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