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According to sources with knowledge of the situation, Three Arrows Capital (3AC) won a crucial court ruling in Singapore that could provide them with further information about the surviving assets of the defunct crypto hedge fund in a significant country. On Monday, the Singapore High Court allowed a petition filed by the consulting firm Teneo.
Singapore Nods to Probe Crypto Fund
With the Singapore High Court's approval, Teneo is now authorized to ask for all financial documents related to 3AC kept in Singapore, including those for bank accounts, properties, and assets like cryptocurrency. Before last year, the hedge fund's base of operations was in Singapore. By the Eastern Caribbean Supreme Court's directives, New York-based Teneo was selected to manage Three Arrows Capital's liquidation in the BVI's High Court of Justice in June.
Three Arrows Capital And Its Financial Issues
After the collapse of the Terra ecosystem in mid-May, Three Arrows Capital began to have financial problems. The failure of the hedge fund happened by losses from its investments in Terra's native token Luna and the ensuing volatility in the cryptocurrency markets. According to a Bloomberg article, Teneo has so far taken possession of assets belonging to Three Arrows Capital worth at least $40 million. The total amount that the corporation owes creditors is much higher than this. Genesis, a cryptocurrency exchange, lent $2.36 billion to Three Arrows Capital. Digital Currency Group (DCG) filed a $1.2 billion lawsuit against the hedge fund after assuming Genesis' liabilities. According to Teneo, this Singapore court ruling comes after the firm filed for Chapter 15 bankruptcy in July.