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Three Arrows Capital liquidators control $40M of the fund’s assets

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Liquidators of Three Arrows Capital (3AC) Teneo have gained control of $40 million worth of assets belonging to a struggling hedge fund, Bloomberg News reports. informed 21 July.

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The liquidators reportedly said the fund’s assets consist of bank accounts, cryptocurrencies, NFTs, and stakes in other firms.

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Bloomberg reported that Teneo spokesman Russell Krampler said on July 20 that 3AC founders Kyle Davis and Su Zhu still control certain digital assets and bank accounts.

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Krampler reportedly stated that Teneo had contacted about 40 companies that 3AC could invest in and about 30 cryptocurrency exchanges and banks.

In a separate document dated July 8, the liquidators stated that Zhu and Davis were uncooperative and that their whereabouts were unknown.

The hedge fund owes $2.8 billion to its creditors.

3AC’s list of creditors includes Genesis; bankrupt crypto lending companies Voyager Digital and Celsius Network; Algorand, CoinList and others.

Meanwhile, Su Zhu and Kyle Davis’ wife also filed lawsuits against the hedge fund.

The founders of 3AC contacted the liquidators

New Bloomberg report revealed that the 3AC founders were heading to Dubai and refuted claims that they were uncooperative.

According to Bloomberg, the “death threats” they received forced them into hiding; however, they still kept in touch with the liquidator.

Zhu is reported to have said that the firm positioned itself for a market that ultimately did not happen, a sentiment also shared by its co-founder Davis, who said:

“We had all of our, almost all of our assets there. And then in good times we did our best. And then in bad times we lost the most.”

The co-founders also acknowledged that Terra’s explosion was one of the reasons for its failure. According to Zhu, they likely let their relationship with Do Kwon cloud their opinion of the token.

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