Three Arrows Capital is presently engaged in bankruptcy proceedings

by May 21, 2023CryptoNews0 comments

Three Arrows Capital is presently engaged in bankruptcy proceedings and has a debt of approximately $3.5 billion that must be repaid to its creditors.
After the auction held on May 19, the nonfungible tokens (NFT) collection belonging to Three Arrows Capital (3AC), a Singaporean cryptocurrency hedge fund undergoing bankruptcy, was sold for $2.5 million.

Sotheby’s, a renowned fine arts broker, organized an auction where various collectibles from bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital (3AC) were sold. The items included Tyler Hobbs Fidenza #725, Larva Labs Autoglyph #187, and Tyler Hobbs Fidenza #861. Among them, the highest-selling item was Tyler Hobbs Fidenza #725, which fetched a price of $1 million.

Kyle Davies, one of the co-founders of Three Arrows Capital (3AC), expressed his reaction to the news by stating that NFT grails were experiencing significant success on Sotheby’s platform, WorldCoin was gaining widespread attention, and Aptos, the next Solana 3AC Portfolio, was gaining traction. In a previous response to the start of the auction, Davies wrote “Farewell sweet Goose.”

Simultaneously, fellow co-founder Su Zhu mentioned that he shared the auction results with a few individuals but received no response. This was about journalists’ inquiries about the liquidity of the NFTs. When the auction began, Zhu quoted a line from English poet Alfred Tennyson, stating “that it is better to have loved and lost than to have never loved at all” as a response to the sale.

The bankruptcy filing of Three Arrows Capital

Following the bankruptcy filing of Three Arrows Capital (3AC) in July 2022, the liquidators of the hedge fund managed to retrieve the NFTs. During its peak, 3AC had an estimated $10 billion in assets under management, but it suffered significant losses due to the prolonged cryptocurrency bear market. The firm is reported to have a total debt of $3.5 billion owed to its creditors.

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The bankruptcy proceedings of Three Arrows Capital (3AC) are in progress. Recently, Su Zhu, one of the co-founders, obtained a restraining order against Arthur Hayes, the co-founder of BitMEX and one of 3AC’s creditors. Zhu claimed that Hayes owed him $6 million. On the other hand, Kyle Davies, another co-founder, seems to have ventured into the culinary world by opening a restaurant in Dubai. Davies and Zhu are also the founders of the OPNX exchange, a platform that facilitates the trading of claims from defunct cryptocurrency firms like 3AC. However, earlier this month, the exchange faced a reprimand from Dubai regulators for allegedly failing to register in the emirate.

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