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Seeking Alpha 2023-06-27 18:57:49

3AC liquidators said to seek $1.3B from failed crypto hedge fund's founders

3AC liquidators said to seek $1.3B from failed crypto hedge fund's founders

Liquidators of failed cryptocurrency hedge fund Three Arrows Capital are looking to recoup $1.3B from the firm's co-founders, Su Zhu and Kyle Davies, Bloomberg reported Tuesday, citing a person familiar with the matter. The figure reflects losses the founders allegedly amassed in the months before the firm's downfall last year, the article said, noting that allegations against Zhu and Davies took hold at a Tuesday meeting with the fund's creditors. In the meeting, 3AC liquidators -- comprised of two partners at consultancy firm Teneo -- were said to have accused the founders of causing the firm to take on outsized leverage between May and June 2022, after suffering significant losses on luna ( LUNA-USD ) tokens as well as other crypto bets. The liquidators are now taking action against the founders in a British Virgin Islands court to repay creditors, the person told Bloomberg . In the wake of a last year's downturn in digital assets, 3AC filed for bankruptcy in the British Virgin Islands. More on Three Arrows Capital Digital Asset Market Note: The Blow-Up Of 3AC Three Arrows Capital scrutinized by SEC, CFTC - report Three Arrows Capital said to be located in crypto hub UAE after five weeks in hiding 3AC owes $2.36B to Genesis Asia Pacific

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