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{"id":9144,"date":"2022-07-03T14:37:48","date_gmt":"2022-07-03T14:37:48","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/07\/03\/crypto-hedge-fund-three-arrows-files-for-bankruptcy\/"},"modified":"2022-07-03T14:37:50","modified_gmt":"2022-07-03T14:37:50","slug":"crypto-hedge-fund-three-arrows-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/07\/03\/crypto-hedge-fund-three-arrows-files-for-bankruptcy\/","title":{"rendered":"Crypto hedge fund Three Arrows files for bankruptcy"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/7\/2\/23192810\/three-arrows-capital-chapter-15-bankruptcy-cryptocurrency<\/a>
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Cryptocurrency hedge fund Three Arrows Capital (3AC) filed<\/a> for Chapter 15 bankruptcy in a bid to protect its US assets from creditors in the country, as reported earlier by Bloomberg<\/em><\/a> and CNBC<\/a>. Representatives for the Singapore-based company made the filing in a Southern District New York court on Friday, which legally protects<\/a> the US assets of insolvent foreign debtors from creditors in the US.<\/p>\n

Founded in 2012 by Kyle Davis and Su Zhu, 3AC managed about $10 billion in assets as recently as March<\/a>, later sinking to $3 billion in April<\/a>. Like several other crypto firms, including the lending giants Celcius and Babel Finance<\/a>, 3AC\u2019s turn in fortunes is part of the so-called crypto \u201cwinter\u201d that\u2019s brought down stablecoins<\/a> and sent Bitcoin\u2019s value plunging<\/a>.<\/p>\n

Earlier this week, reports emerged that 3AC failed to pay a $670 million loan<\/a> provided by crypto broker Voyager Digital, which has since halted all trades, deposits, and withdrawals<\/a> as a result. Sky News<\/em> later reported<\/a> that a court in the British Virgin Islands has ordered 3AC\u2019s liquidation and that the firm is reportedly working with business consulting company Teneo to oversee the process.<\/p>\n

In May, Davies and Zhu admitted in an interview with the WSJ<\/em><\/a> that the company lost out on a $200 million investment following the crash of Luna and its sister coin TerraUSD<\/a>. At the time, the two remained optimistic about the prospects of crypto, telling the WSJ<\/em> that they\u2019ve \u201calways been crypto believers\u201d and \u201cstill are.\u201d<\/p>\n