Crypto News – Teneo, the company managing the liquidation of cryptocurrency hedge fund Three Arrows Capital, has blocked assets worth about $1.4 billion, both digital and otherwise.
3AC Funds Freeze: Co-Founders Su Zhu and Kyle Davies’ $1.4 Billion in Assets Blocked
The funds in question are no longer accessible to Su Zhu, Kyle Davies, and Kelly Chen, the wife of Davies, co-founders of 3AC, due to the freeze.
The company in charge of managing 3AC’s asset sale in an endeavor to pay back its creditors $3.5 billion is Teneo. In June 2022, Three Arrows Capital received a liquidation order. Teneo claimed that it had taken a lot of time and effort to persuade Zhu and Davies to cooperate.
The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, amongst other things, that the Founders should be held responsible for causing 3AC’s position to deteriorate by an amount that is equivalent to the value of the freezing orders sought,
Teneo
Three Arrows Capital’s Balance Sheet Still Missing $3.5 Billion
In June, the founder was asked for about the same sum of money by the corporation. At the time, Bloomberg was informed by a source with knowledge of the situation that Teneo had met with 3AC‘s creditors and was made aware of claims that the co-founders had continued to use leverage in May and June 2022, even though the company was already bankrupt.
Some business assets, such as $35.6 million in cash, a $30 million boat, and some NFTs, have been successfully acquired by Teneo. Nevertheless, the $3.5 billion that was absent from Three Arrows Capital’s balance sheet is far greater than the worth of those assets.
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