Three Arrows Capital Liquidation: Liquidators Seek Court Stay Amidst Financial Chaos

The Legal Quagmire of Three Arrows Capital

In an unexpected twist worthy of a Hollywood screenplay, the liquidators of the stricken crypto hedge fund, Three Arrows Capital (3AC), have tossed a legal grenade into the High Court of Singapore. Their mission? To halt incoming claims against the beleaguered fund and gain access to its high-tech headquarters. What could possibly go wrong?

Finding the Missing Links

The 1,157-page court document reads like a detective novel, fueled by whispers of cold wallets and the elusive secrets of 3AC’s trading accounts. According to the liquidators, the absence of communication from 3AC’s management—namely Su Zhu and Kyle Davies—feels more like a game of hide and seek than the serious matter of asset retrieval. The case raises the nail-biting question: what else are they hiding in that fortress of despair they call an office?

The Costly Loans and Creditor Catastrophes

Let’s break it down: Three Arrows Capital allegedly snagged a staggering $2.36 billion loan from its largest creditor, Genesis Asia Pacific. This is not pocket change; we’re talking about a sum larger than some national budgets. When 3AC missed a margin call, Genesis wasted no time starting to liquidate collateral like it was a clearance sale at the local supermarket.

Algorand Joins the Creditor Club

Just when you thought it couldn’t get more interesting, enter Algorand. This crypto foundation invested in 3AC and is now seeking recompense due to suspected breaches of contract. Honestly, with all the drama swirling around, one might mistake crypto investments for amateur theater.

Where on Earth Are They?

If you’re picturing Zhu and Davies hiding out in a tropical paradise, think again. Reports suggest their whereabouts are as uncertain as the future of cryptocurrencies themselves. On the bright side, Zhu took to Twitter to air his grievances, claiming bad vibes from the liquidators in an unexpected plot twist. But don’t worry, he still made time to file a claim for $5 million against his own fund while supposedly evading the authorities. Talk about multitasking!

What Lies Ahead?

With claims piling up higher than a stack of unpaid bills, the picture is grim. Zhu’s not the only one looking for a payday—three different parties are seeking a total of $95.7 million from 3AC. Can one hedge fund plummet any further? Stay tuned, folks. This saga is likely far from over.