3AC Founders’ Whereabouts “Currently Unknown”, Ghosted Zoom Calls
The physical location of the founders of the troubled Three Arrows Capital is “currently unknown,” according to court documents filed in New York.
The crypto hedge fund founders, Zhu Su and Kyle Davies, have “not yet begun to cooperate” with the representatives of the creditors. The duo are only being represented by a lawyer in Singapore.
Further, in an introductory Zoom call, while there are users named “Su Zhu” and “Kyle”, both accounts were turned off and muted the whole time.
This is a complete turnaround from Zhu’s promise in his tweet that they are “fully committed” to sorting the insolvency issues.
Last week, 3AC filed a Chapter 15 bankruptcy to shield its US assets from lawsuits. According to the filing, the firm’s outstanding debt from Deribit trading accounts that triggered the liquidation now amounts to US$80.1 million, consisting of 2,319 bitcoin and 31,177 ether.
Crypto exchanges 8 Blocks and Voyager Digital are among the casualties of 3AC defaulting on its debts. 8 Blocks CEO Danny Yuan claims that the hedge fund has become unresponsive after the firm saw that about US$1 million was missing from their accounts.
For its part, Voyager has also filed a Chapter 11 bankruptcy, hoping to implement a restructuring plan.
A court hearing on the liquidation of 3AC’s assets is scheduled for Tuesday.
Information for this briefing was found via Twitter and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
