Does Three Arrows Capital move funds between stock exchanges in the event of bankruptcy?

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The assets of embattled crypto hedge fund Three Arrows Capital are secured and liquidated by court-appointed liquidator Teneo after the company filed for bankruptcy. According to blockchain explorer OKLink, a wallet address marked as Three Arrows Capital has moved nearly 10,000 Ethereum (ETH) and over 1.5 million USDT in the past 24 hours.

Wallet linked to Three Arrows Capital Transfer Ethereum and USDT

According data by OKLinkthe address marked as “Three Arrows Capital” received nearly 10,050 ETH worth over $16 million from multiple unknown wallets in the past 24 hours.

Additionally, the Three Arrows Capital address also transferred over 1.6 million USDT to OKX, Huobi, and Binance wallets within 48 hours. Currently, the balance at this address exceeds $21.5 million at the current market price.

In the past 3 hours, the wallet transferred small amounts of Ethereum (ETH) to three OKX wallets worth almost 25,000.

This is the first time since the bankruptcy filing in July that the wallet address has recorded such large transactions. The transactions appear to be the distribution of funds to company executives and managers for legal preparations.

3AC Assets risks liquidation in Singapore

Three liquidators of Arrows Capital have been given permission to secure and liquidate hedge fund assets in Singapore. The High Court of Singapore has granted a motion to BVI court-appointed liquidator Teneo to liquidate 3AC’s assets in Singapore.

This will prevent Three Arrows founders Su Zhu and Kyle Davies from selling their assets in Singapore as per the court order.

However, Su Zhu submitted an affidavit in Thailand claiming that the liquidator misled the Singapore high court to obtain the winding up order. According to the affidavit, the entity Three Arrows Capital Pte Ltd (TACPL) was registered in Singapore until July 31, 2021. Additionally, it is not the investment manager of the lead and feeder funds.

Therefore, Teneo is not responsible for the liquidation of Three Arrows Capital Pte Ltd. Su Zhu believes that all officers and employees face fines and jail time for violating the court order.

Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he shared his knowledge on blockchain, crypto-currencies, artificial intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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