$35.6M Seized From Insolvent Three Arrows Capital’s Bank Account

$35.6M Seized From Insolvent Three Arrows Capital’s Bank Account
  • Teneo is looking to recoup $30 million from the sale of the superyacht “Much Wow.”
  • The founders of Three Arrows used corporate assets to buy a superyacht.

The liquidators of Three Arrows Capital (3AC) have publicly criticized the company’s co-founders, Zhu Su and Kyle Davies. For their refusal to cooperate during the restoration of cash to creditors. Liquidator Teneo, appointed by a court in the British Virgin Islands, has frozen $35.6 million in Three Arrows Capital’s Singapore bank accounts. And is looking to recoup $30 million from the sale of the superyacht “Much Wow.”

On Friday, liquidator Teneo filed in the U.S. Bankruptcy Court for the Southern District of New York, stating that they had recovered $35.6 million in cash, $2.8 million from forced redemptions of assets, and more than 60 distinct crypto tokens and NFTs.

Superyacht Subject of Proceedings

Additionally, the liquidator is looking to make $30 million from the sale of the $50 million superyacht “Much Wow.” The founders of Three Arrows used corporate assets to buy a superyacht, but they never finished paying for it. Currently, the superyacht is the subject of bankruptcy proceedings in the Cayman Islands. With the liquidator having submitted a $30 million claim.

Zhu Su and Kyle Davies, the co-founders of Three Arrows Capital, were condemned by the liquidators for refusing to cooperate with them and for knowingly delaying the restoration of cash to creditors. As a defense for their decision to speak out publicly yet skip judicial procedures. Su and Davies have been quite loud on social media and in interviews.

Zhu Su and Kyle Davies, the business’s co-founders, were also asked by a Singapore high court to cooperate and produce affidavits detailing their transactions with the company within a week. Recently, Kyle Davies tweeted his displeasure with the intransigence of the liquidators. 

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.