British Virgin Islands Court Orders 3AC Founding Fathers to Attend Examination May 22

British Virgin Islands Court Orders 3AC Founding Fathers to Attend Examination May 22

  • Policy
  • March 29, 2023
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If they do not respond to the order, the Three Arrows Capital founders could be held in contempt of Court.

The liquidation proceedings against Three Arrows Capital (3AC) founders Kyle Davies & Su Zhu, which were initiated last year after the collapse of the crypto hedge fund, have ordered that they appear in court in British Virgin Islands on May 22.

If they do not respond to the order, the 3AC founders could be held in contempt of Court.

CORRECTION (March 29, 2023, 10:35 UTC: In an earlier version of this article, it incorrectly stated that the examination was for Dec. 19, 2023.

The liquidation proceedings against Three Arrows Capital (3AC) founders Kyle Davies & Su Zhu, which were initiated last year after the collapse of the crypto hedge fund, have ordered that they appear in court in British Virgin Islands on May 22.

If they do not respond to the order, the 3AC founders could be held in contempt of Court.

Kyle Davies and Su Zhu must provide liquidators with all relevant documents to the firm’s bankruptcy by April 14.

If they fail to meet the deadline, the exam will be moved to April 27, and last 30 minutes instead of the two hours it was scheduled for in May.

Three Arrows collapsed in June after a weak crypto market exposed its long-only trading strategy. The assets of the crypto hedge fund were estimated at $1 billion, compared to $3 billion in liabilities.

This collapse was one of several flashpoints that led to the onset crypto winter. It also caused similar collapses of multiple other crypto companies. Voyager Digital and Celsius Network, which have 3AC exposure, as well as Genesis Asia Pacific, (which, like CoinDesk is part of Digital Currency Group), filed for bankruptcy protection.

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