Five-member credit committee established to liquidate Three Arrows Capital

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A creditors committee to liquidate the bankrupt, Singapore-primarily based cryptocurrency hedge fund Three Arrows Money (3AC) was established at a conference on Monday and comprised Electronic Forex Team, Voyager, CoinList, Blockchain.com, and Matrixport, in accordance to a doc revealed the very same working day on the 3 Arrows bankruptcy web-site.

See relevant article: 3AC crypto contagion spreads to Blockchain.com: report

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The creditors’ committee will operate with joint liquidators to “support the pursuits of all creditors” via insolvency, the doc explained, and affirmed that no 1 on the creditors’ committee has any romance or connection to the founders or rules of 3AC.

Russell Crumpler and Christopher Farmer of Teneo (BVI) have been appointed joint liquidators by the community court docket of the British Virgin Islands. Crumpler and Farmer will have full command of 3AC affairs to facilitate the insolvency process.

Courts in the United States and Singapore granted the joint liquidators the energy to liquidate 3AC on July 12 and July 15, respectively. Teneo reported it is “in the early phases of liquidation.”

Liquidators have still to use for a freeze on private assets of the 3AC founders, but the enterprise was reportedly transferring NFT property.

3AC co-founder Zhu Su is on the listing of lenders and is looking for US$5 million. Kelly Chen, the wife of fellow co-founder Kyle Davis, is also a creditor and is trying to find US$65 million.