Three Arrows liquidator Seizes $35 million, seeks another $30 million for ‘Much Wow’ superyacht

Liquidators for collapsed crypto hedge fund Three Arrows Capital (3AC) today said they have seized $35.6 million in cash held by the failed company in Singapore banks.

They also managed to recover a few million more dollars from the token sale and want court permission to receive $30 million from the sale of the company’s “Much Wow” superyacht.

In a filing Friday in the United States Bankruptcy Court in the Southern District of New York, court-appointed liquidator Teneo speak they begin to take control of assets held by 3AC or its pre-appointment attorneys. The liquidators added that they also recovered $2.8 million from the required investment buybacks — as well as an unspecified number of 60 different crypto and NFT tokens.

Three capital arrows bankrupt in July after a court in the British Virgin Islands command it for liquidation. The Singapore-based company, which has invested client funds in new crypto projects, has been hit hard by the the collapse of the cryptocurrency project Terra in the May.

Teneo said in the Friday document that although the founders of 3AC, Su Zhu and Kyle Davies, spoke to the media, they largely ignored the liquidators.

The Supreme Court of the Republic of Singapore this week command co-founders Zhu and Davies partnered and filed affidavits outlining their dealings with the company.

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Teneo claims that the 3AC founders “repeatedly did not interact” with the liquidators — including a Zoom meeting where they muted the video and muted the microphone during the call.

“The Singapore Attorney has provided an email address to contact the Founders; however, the Founders and their advisors did not respond to the Liquidator’s communications,” the document reads Friday.

The liquidator’s presentation also mentioned the company’s so-called superyacht, which Su and Davies called “Much Wow.”—a nod to the Doge meme. Teneo said it has filed a claim to liquidate the yacht in the Cayman Islands for $30 million.

Three Arrows is one of many well-known crypto companies crushed by this year’s brutal bear market, which sent nearly every digital asset down in price, sweeping away major companies and platforms.


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