Cryptocurrency

Crypto Hedge Fund 3AC Has Reportedly Been Ordered to Liquidate Its Assets

After being issued a default notice by cryptocurrency platform Voyager Digital.

Cryptocurrency

Crypto Hedge Fund 3AC Has Reportedly Been Ordered to Liquidate Its Assets

After being issued a default notice by cryptocurrency platform Voyager Digital.

Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) has reportedly been ordered to liquidate its assets, Sky News reported on Wednesday. The news comes after 3AC was issued a default notice by cryptocurrency platform Voyager Digital over an outstanding loan worth about $675 million USD.

Sources told Sky News that 3AC was ordered by a court in the British Virgin Islands to begin the liquidation process, with partners from global consulting firm Teneo being brought on to handle the process.

A person with knowledge of the matter told CNBC that Teneo is in the early stages of the liquidation process and will soon provide instructions on how creditors can make claims to recoup any losses.

3AC has not yet responded to the reports.

The Singapore-based firm was started in 2012 by Su Zhu and Kyle Davies. According to its website, the firm had financial ties to Avalanche, Bitcoin, Ethereum, Polkadot, Solana, and Terra, alongside other DeFi protocols, NFTs, and equity platforms.

On Monday, Zhu commented on the defaulted loan to Voyager Digital, saying that the company was “in the process of communicating with relevant parties and [is] fully committed to working this out.” According to Voyager Digital, the loan is made up of 15,250 BTC and $350 million USD in USDC stablecoin.

In other news, Goldman Sachs has downgraded Coinbase stock to “sell.”

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