3AC Office Is Abandoned And The Founders Are Missing: Report

The 3AC office Is abandoned and the founders cannot be found according to the creditors after the company filed for chapter 15 bankruptcy last month so let’s read more in our latest cryptocurrency news.

The founders of the hedge fund Three Arrows Capital are missing and when the liquidators visited the office in Singapore they found a locked door. The US Bankruptcy Court in New York’s Southern District, Russel Crumpler and Christopher Farmer that serve as the liquidators, reproted that the 3AC office is abandoned and the whereabouts of Kyle Davies and Zhu Shu are uknown.

While the layer in Singapore that represents the founders recently approached the representatives, the Founders haven’t started to cooperate with the Foreign Representatives in a meaningful manner as the filings read. The filing also said there is an increased risk that Davies and Su might attempt to transfer 3AC assets to new wallets or accounts because a huge chunk of assets and cash are readily transferable.

The liquidation representatives are becoming increasingly concerned after receiving an email from the new company that represents the founders. Crumpler and Farmer asked for an urgent meeting and were denied so they agreed with the Advocates Law LLP which the law firm and the founders all ghosted. Three Arrows Capital filed for chapter 15 bankruptcy protection after the crash of Voyager and had unpaid loans to 3AC that hit $646 million. And 3AC is not the only company facing a liqudity crunch. The KuCoin native token crashed on the rumors that it was insolvent. In the meantime, Nexo announced its plans to acquire rival Vauld after halting client withdrawals and Voyager Digital filed for Chapter 11 bankruptcy a week ago in New York.

As recently reported, The lawyers involved in the liquidation proceedings of Three Arrows Capital fund will certainly like to know with the hedge fund founders were not cooperative in the proceedings so far and the location of the founders is uknown. In the court documents filed on Friday, the lawyers acted on behalf of the creditors and said that the founder of the fund hasn’t yet started to cooperate with the proceedings in a meaningful manner.  The lawyers said that the people identifying themselves as Kyle and Su Zhu were present on the initial Zoom call but the video audio call was turned off and they didn’t respond to questions posed directly to them.