A court in the British Virgin Islands has directed that Three Arrows Capital be liquidated amid an industry-wide crisis that has affected the crypto space.
Partners from Teneo in the British Virgin Islands have been ordered by the court to manage the insolvency of the Singapore-based firm.
The new step in the debt crisis that impacted 3AC is expected to cause further shake-ups in cryptocurrency. The announcement comes after Voyager Digital issued a default notice on a loan extended to Three Arrows.
3AC was started in 2012 by cryptocurrency investors Su Zhu and Kyle Davies. The firm operated crypto hedge funds and served as a venture capitalist across the digital assets space.
Three Arrows Capital has been hit by insolvency rumors recently, aggravated by $400 million in liquidation amid a crypto crash.
Source: Sky News