the founders of crypto hedge fund that reportedly amassed a $10 billion fortune has gone missing, the company’s liquidators say.
In a court filing on Friday, liquidators Three Arrows Capital (3AC) Russell Crumpler and Christopher Farmer said: “The physical whereabouts of the debtor’s founders, Zhu Su and Kyle Livingston Davis, are currently unknown,” adding that “the founders have not yet begun to cooperate.. . in any significant way.”
The farmer tried to visit Su and Davis at their place Singapore offices, only to find them empty with a locked entrance and unopened letters leaning against the door.
The liquidators warned of an “unavoidable risk” that the company’s assets could be sold by 3AC’s founders or others to the detriment of creditors.
The couple reportedly amassed $10 billion before a Bitcoin the sell-off sent digital asset prices plummeting. The company later filed for bankruptcy in the British Virgin Islands.
The killing of the fund destabilized many other crypto companies with which 3AC had close financial ties. Last month, 3AC defaulted on a $675 million loan New Yorkcryptocurrency broker Voyager Digital. Voyager later filed for bankruptcy after suspension of customer trading, deposits and withdrawals.
Crypto exchange Blockchain.com is poised to lose $270 million in loans issued by 3AC, Reuters reports.
In a tweet in June, 3AC said: “In an effort to fix this, don’t believe everything you say about us.”
According to CoinMarketCap, the value of cryptocurrency assets has fallen by 54% over the past three months.
https://www.standard.co.uk/business/collapsed-crypto-three-arrows-capital-not-cooperating-b1011748.html
