3AC is MIA as liquidators try to preserve assets for creditors
The office of Singapore-based crypto hedge fund Three Arrows Capital (“3AC”) is vacant, and its founders are nowhere to be found.
According to court papers, 3AC’s founders, Kyle Davies and Zhu Su are not cooperating with Teneo Restructuring, the advisory firm a British Virgin Islands judge tapped to handle the liquidation.
Bloomberg reported that the founders’ lawyers informed Three Arrows’ liquidators that Davies and Su plan to attend a meeting between the liquidators and attorneys on Monday the 11th and a subsequent court hearing on Tuesday.
While Teneo waits in limbo, the advisory firm is working diligently to avert the continued hemorrhaging of the fund’s assets.
“It’s pretty fascinating to see how damaging 3AC’s actions were to the entire industry. They caused a contagion that ripped through the industry, taking down a lot of the centralized lenders—they implemented a strategy that flies in the face of Satoshi’s plan for a transparent, fully-auditable, open-sourced code.”
Graham Friedman – Director of Republic Crypto
Real crypto evangelists take advantage of long, cold winters
Most cryptocurrencies have been hobbled this year, with the top five losing at least 50% of their values to date. However, most blame can be easily placed on over-hyped projects and the macro trends affecting global markets.
But the true believers—the developers who can separate the wheat from the chaff—remain bullish, viewing these times as an opportunity to build credible projects.
Republic Crypto’s Bryan Myint is one of those evangelists who relishes the “cleansing” of the market.
“The core of what Republic Crypto is working on has not changed… macroeconomic factors have obviously made a big impact on the industry, but the tech we work on and the business we’ve built has not changed at all. During crypto winters, it’s a time when we can separate the signal from the noise—when the serious builders come to the surface.”
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