Crypto hedge fund Three Arrows files for Chapter 15 bankruptcy

Crypto hedge fund Three Arrows files for Chapter 15 bankruptcy


Crypto hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows foreign debtors to shield U.S. assets, according to a court filing on Friday.

Singapore-based 3AC is one of the biggest casualties of the latest so-called “crypto winter” to date. CNBC reported Wednesday that Three Arrows had fallen into liquidation, citing a person with knowledge of the matter.

Representatives for 3AC filed a petition in the U.S. Bankruptcy Court for the Southern District of New York on Friday, according to court documents.

On Thursday, Singapore’s financial regulator had accused embattled the fund of exceeding its assets threshold and providing false information. 

Non U.S.-companies use Chapter 15 to block creditors who want to file lawsuits or tie up assets in the United States.

3AC, co-founded by Zhu Su and Kyle Davies, is one of the most prominent crypto hedge funds (which focus on investments in digital assets like cryptocurrencies) around and is known for its highly leveraged bets. Zhu has extremely bullish views on bitcoin.

But a slump in digital currency prices, which has seen billions of dollars wiped off the market in recent weeks, has hurt 3AC and exposed a liquidity crisis at the company.

—CNBC’s Arjun Kharpal contributed to this article.



Source

Tesla says it made its first driverless delivery of a new car to a customer
World

Tesla says it made its first driverless delivery of a new car to a customer

A Tesla logo outside the company’s Tilburg Factory and Delivery Center. Karol Serewis | Getty Images Tesla CEO Elon Musk said the automaker completed its first driverless delivery of a new car to a customer, routing a Model Y SUV from the company’s Austin, Texas, Gigafactory to an apartment building in the area on June […]

Read More
I’m 79 years old and the ‘father of functional medicine’: Here’s my daily routine for a healthy life
World

I’m 79 years old and the ‘father of functional medicine’: Here’s my daily routine for a healthy life

Jeffrey Bland, 79, is considered the “father of functional medicine.” He’s devoted most of his lifetime to studying the origins of diseases to focus on prevention in healthcare. The main question Bland’s research looks to answer is this one: “Could we move to a form of healthcare where we’re spending more time worrying about and […]

Read More
Stock market reclaims February record peak. How the fundamentals and technicals look now vs. then
World

Stock market reclaims February record peak. How the fundamentals and technicals look now vs. then

Just as they say you never step into the same river twice, the view from a given summit is never quite the same upon a second visit. The S & P 500 has fully scaled its way to its first record high in more than four months on Friday, recovering what was at the intraday […]

Read More