Here's What Three Arrows Capital Liquidators Are Seeking From Singapore Court
The collapse of Three Arrows Capital (3AC) sent shockwaves through the crypto world. Now, liquidators are pursuing legal avenues in Singapore to recover assets and gain clarity on the events leading to the firm's downfall. SINGAPORE (BLOOMBERG) - Three Arrows Capital's liquidators secured a key court decision in Singapore that may give them greater insight into the collapsed crypto hedge fund.
Key to their strategy is gaining access to information and potentially compelling individuals associated with 3AC to provide testimony. Three Arrows Capital co-founder Su Zhu for the first time faced questioning in a Singapore court about the crypto fund’s collapse, giving liquidators their best chance yet to understand the complexities of the situation. This questioning marks a significant step forward in the liquidation process, potentially uncovering crucial details about the fund's operations and decision-making.
What exactly are the liquidators hoping to achieve in Singapore's courts? Primarily, they're focused on recognizing the British Virgin Islands liquidation order. JUST IN: 3AC liquidators are requesting Singapore to recognize the British Virgin Islands liquidation order, the Straits Times reports. This recognition is critical because it allows them to pursue 3AC's assets that may be located in Singapore, which is considered a key financial hub. Essentially, they need the Singaporean courts to validate their authority to act on behalf of 3AC's creditors within Singaporean jurisdiction.
Moreover, the pursuit of information from key figures is paramount. Gaining access to records and testimony from individuals like Su Zhu is essential to understanding the full scope of 3AC's financial activities and potential mismanagement. The goal is to trace assets, identify liabilities, and ultimately maximize the recovery for creditors who have suffered significant losses.
Three Arrows Capital co-founder Zhu Su for the first time faced questioning in a Singapore court about the crypto fund’s collapse, giving liquidators their best chance yet to uncover irregularities. The pressure is on as liquidators work to unravel the intricate web of transactions and financial decisions that led to 3AC's downfall. Teneo has reportedly joined hands with others in this complex and high-stakes case.
Stay tuned for updates as the legal proceedings unfold in Singapore. This case has far-reaching implications for the future of crypto regulation and risk management within the industry.