$10 Billion Crypto Venture Capital Fund '3AC' Reportedly Liquidated by BVI Court
Crypto Hedge fund 3AC
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$10 Billion Crypto Venture Capital Fund '3AC' Reportedly Liquidated by BVI Court
Troubled crypto hedge fund Three Arrows Capital (3AC) has been ordered into liquidation by a court in the British Virgin Islands, according to a news report published amid the 2022 crypto crisis.Singapore-based crypto hedge fund 3AC, which was founded in 2012 by partners Su Zhu and Kyle Davis, has fallen into liquidation amid the current crypto market turmoil.
The fund suffered heavy losses as bitcoin fell below US$20,000 for the first time in two years and was reported to be bankrupt in mid-June after the firm spent at least US$400 million in liquidation. Crypto Insiders described the liquidation as "a pivotal moment in the current unfolding of the cryptocurrency sector, which [had] evolved at an alarming pace in recent years".
The job of 3AC is going to run for the Trata's ability to run for LUNC's performance.Reportedly, 3AC’s position of roughly US$200 million in locked Luna Classic evaporated to less than a thousand dollars, with Davies telling The Wall Street Journal that “the Terra Luna situation caught us very much off guard”. Like many in the space, Twitter user LomahCrypto is of the opinion that 3AC could have acted earlier, tweeting.
“I try not to rubbish on 3AC, but I don’t understand how you can tweet some bullshit like this in May while your firm is seriously under water and probably in danger of liquidation. Either self-awareness doesn't exist or it was a real sign in their operation."
As reports run rampant regarding 3AC’s insolvency, the company’s founders continue to assure customers that they are doing their best to find an equitable solution to the current situation. As such, the firm has hired legal and financial advisers to explore assets sales and a possible rescue package by another firm.
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