The liquidator Three Arrows Capital accused the co -founders of the fund of embezzlement of assets – Bits Media

Teneo consulting agency claims, that the Three Arrows Capital Foundation, Despite the problems with the return of capital investors, He continued to trade cryptocurrencies.

Agency, responsible for the restructuring of Three Arrows Capital (TAC), published a court statement of crisis manager Russell Crumpler (Russell Crumpler), in which he claims, that the co-founders of the Su Zhu Foundation (Su Zhu) and Kyle Davis (Kyle Davies) made a down payment for a yacht worth $50 million.

The yacht had to be delivered to Italy within two months of the last payment. The document states, what Davis wanted, so that the ship is “larger than any yacht, owned by even Singapore's richest billionaires".

It is assumed, that the co-founders paid with borrowed funds, ignoring attempts by creditors to get in touch. The document says, that Zhu and his wife have purchased two VIP Singapore bungalows in the past two years for an amount ranging from $28.5 to $48.8 million.

Financial documents, confirming purchase, were provided as evidence of, that the co-founders used company assets for personal purchases. The founders of a clearly insolvent company should not be allowed to control the, what could be her assets?, - the liquidators assure.

Teneo lawyers claim, что Three Arrows Capital, despite the default, continued to trade cryptocurrencies instead, to meet lenders' margin calls. Experts suspect, what 14 June the fund transferred $31 million in USDC stablecoins and $900 000 Tai Ping Shan Company, located in the Cayman Islands and owned by a partner of the co-founders named Kelly Kylie Chen (Kelly Kaili Chen).

TAC should approx. 27 crypto companies $3.5 billion. The largest lender is crypto brokerage Genesis, which lent the fund 2.3 billion. After Three Arrows Capital failed to fulfill its obligations, Genesis sold the collateral and insured its losses.

Recently, a New York federal court froze the remaining assets of cryptocurrency hedge fund Three Arrows Capital after..., how the company filed an emergency bankruptcy petition.