Report: Three Arrows Capital gets liquidated by a British Virgin Islands court order

Report: Three Arrows Capital gets liquidated by a British Virgin Islands court order | top cryptocurrency apps 

"Cryptocurrency insiders" claim that the ailing crypto hedge fund Three Arrows Capital (3AC) has been legally liquidated by a British Virgin Islands (BVI) court, according to a recent report from sources quoting a person acquainted with the situation. The sources stated that "the [3AC] liquidation would be a crucial event in the ongoing unraveling of the cryptocurrency industry," albeit the story does not specify what kinds of assets will be liquidated.

According to sources, the Three Arrows Capital Ltd. had been formally liquidated by a British Virgin Islands (BVI) court. However, it is "unclear what the immediate financial repercussions would be for Three Arrows Capital’s creditors."

Su Zhu and Kyle Davies, the two founders of 3AC, formed the business in 2012, and when the insolvency rumors first surfaced, both Zhu and Davies became extremely silent on social media. While 3AC was "in the process of speaking with key parties and absolutely dedicated to sorting this out," Zhu did tweet on June 14 to that effect. According to rumors, 3AC has a sizable exposure to Terra's LUNC token, and its $200 million holdings of locked luna classic (LUNC) have reportedly been reduced to less than $1,000.

On June 29, sources revealed that 3AC's assets had been legally liquidated by a British Virgin Islands (BVI) court. The news source has learned that "partners from Teneo in the British Virgin Islands have been lined up to manage the insolvency of the Singapore-based business."  The BVI court order announcement, according to sources’ further explanation, came from a "someone acquainted with the case," and it was filed on June 27. In addition, 3AC declined the journalist's request for a statement regarding the purported liquidation order from the court.