March 28, 2024

3AC debt amounted to $3.5 billion

3AC debt amounted to $3.5 billion

The bankrupt hedge fund Three Arrows Capital (3AC) owes $3.5 billion to dozens of investors, according to a publishedcourt document.

3AC's largest creditor turned out to beCryptocurrency OTC platform Genesis with $2.36 billion. The debt of the Digital Currency Group subsidiary is secured by 17,443,644 shares of GBTC; 446,928 GETH shares, 2,739,043 AVAX tokens and 13,583,265 NEAR. The amount of assets does not cover liabilities.

Voyager Digital provided the fund with an unsecured loan of 350 million USDC and 15,250 BTC in March. The debt is estimated at $685 million.

Other major lenders to 3AC include:

  • Equities First Holdings — ~$162 million;
  • Celsius Network - ~$75 million;
  • FalconX - ~$65 million;
  • Deribit — ~$51 million;
  • CoinList — ~$35M

Claims against 3AC in the amount of $65.7 million were put forward by the wife of one of the co-founders Kyle Davis. Another co-founder of the fund, Su Zhu, loaned the company $5 million.

Deribit also claims that $31.6 million instablecoins were transferred by 3AC to the wallets of the trading platform Tai Ping Shan Limited. Previously, the service denied any connection with the fund. However, according to the document, Davis' wife and Su Zhu own a 52% stake through a joint venture.

3AC debt amounted to $3.5 billion

3AC debt amounted to $3.5 billion

Data: document.

The 3AC co-founders bought a $50 million yacht to impress investors. Zhu has become the owner of two expensive bungalows in Singapore in recent months.

According to journalist Colin Wu, 3AC's uncovered liabilities are in the range of $1 billion to $1.5 billion.

Recall, the liquidators of the hedge fund are trying to investigate and save his Singapore assets.

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