- Teneo released a 1,157-page court petition that included the numbers.
- 3AC filed for Chapter 15 bankruptcy on July 1 amid all the confusion.
Three Arrows Capital (3AC), a crypto lending platform, owes Genesis $2.36 billion, according to court documents from Trustee Teneo. According to court documents, Genesis Asia Pacific Ltd. provided a $2.36 billion loan to Three Arrows Capital, a struggling hedge fund platform. Teneo released a 1,157-page court petition that included the numbers. Even if the data were hazy earlier, they have now surfaced.
Genesis also states that the loans were partly collateralized in the paper and that Genesis tried to reclaim some of its debts last month. Tokens such as the Grayscale Bitcoin Trust’s 17,443,644 shares, 2,739,043.83 AVAX tokens, 13,583,265 NEAR tokens, and the Grayscale Ethereum Trust’s 446,928 shares are used as collateral. 3AC filed for Chapter 15 bankruptcy on July 1 amid all the confusion.
Co-founder Claimed Against Own Company
Genesis used the American Arbitration Association (AAA) to make up the difference in collateral. Genesis issued a warning to 3AC after it failed to meet the requirements. Additionally, Zhu Su has filed a $5 million claim against his own company, Three Arrows Capital, to be included in the list of creditors. Many were taken aback when the information was released.
ThreeAC Limited, the fund’s investment manager, filed a $25 million claim. Since the fund is one of the largest 3AC creditors, it would be included on this list. It included BitGo, Voyager and Algorand, and organisations like DeFiance and Celsius. Other names on the list were BlockFi and SBI Crypto, as well as companies like Moonbeam Network and Voyager.
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