Bloomberg reported that the struggling Singapore hedge fund liquidator Three Arrows Capital (3AC) had obtained permission from a local court to access key records, and to secure more information on the origins of the collapsed business.
Singapore’s Supreme Court granted a petition by Teneo consulting firm to recognize the Three Arrows liquidation order it obtained. Last June, Teneo was appointed by the British Virgin Islands Court to serve as a crypto hedge fund liquidator. Three Arrows is said to owe more than US $2.8 billion in unsecured claims to its creditors.
Persons close to the proceedings said the move would provide Teneo with the ability to request all relevant records, including financial deposits, bank accounts, encryption holdings, shares and property, among others.
Since the fall of the fund, Su Zhu and Kyle Davies, who co-founded Three Arrows, claimed they had received death threats that kept them out of sight. At the same time, they said that the three main reasons that led to the collapse of the 3AC were:
- Investing in the failed TerraUSD stable algorithm currency and their personal proximity to Terra Do Kwon’s founder;
- the collapse of the price of bitcoin;
- and the Grayscale Bitcoin Trust (GBTC).