According to Twitter user @DrSoldmanGachs, a self-proclaimed lender to troubled Singaporean cryptocurrency hedge fund Three Arrows Capital (3AC), a now defunct entity, allegedly must $2.8 billion in claims, as revealed at a recent meeting of 3AC creditors. In addition, the amount of the claim may have been understated as many either did not file their claims or did not disclose their claims for confidentiality reasons.

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According to DrSoldmanGachs, the meeting voted to elect a committee of creditors, which included Digital Currency Group, Voyager Digital, Blockchain Access Matrix Port Technologies and CoinList Lend. These five parties listed above account for approximately 80% of the current level of requirements.

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3AC assets are believed to consist of bank balances, direct assets in cryptocurrencies, underlying capital in projects, and non-fungible tokens. At the time of publication, it is not clear how much is left in the fund’s equity. The hedge fund reportedly had $6 billion in assets and $3 billion in liabilities last year.

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Due to a series of high-leveraged bullish directional bets and borrowed money from major crypto institutions, 3AC has become insolvent amid the ongoing cryptocurrency bear market. Its founders allegedly fled and defaulted on the loans they left behind, leading to serious contagion among the centralized finance firms that lent money to 3AC.

Both co-founders of 3AC, Su Zhu and Kyle Davis, could not be found after the fund’s explosion. Ironically, Su Zhu is allegedly demanding $5 million from 3AC, while Chen Kylie Kelly, wife of Kyle Davis, is allegedly demanding $66 million. However, such claims are reportedly quasi-equity and dependent on the distribution of remaining assets, if any, to creditors.