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3AC FILES BANKRUPTCY IN NEW YORK

3AC FILES BANKRUPTCY IN NEW YORK 

Crypto hedge fund Three Arrows Capital (3AC) has filed a lawsuit against Chapter 15 in New York, according to a report in Bloomberg.


The mega wallet, founded by Credit Suisse traders Zhu Su and Kyle Davies, simultaneously held an estimated $ 10 billion in assets and was a linchpin among crypto financial players. Its omission has forced major industry players to reschedule operations and reduce customer withdrawals amid a crypto selloff that has seemed to hold many firms indifferently.


The demolition of Chapter 15 will allow a foreign company to protect its national assets while the liquidation was carried out in the British Virgin Islands following a court order this week after 3AC failed to borrow $ 660 million from Voyager Digital. 3AC is based in Singapore.


The company's ongoing collapse is causing a lot of problems for business darlings that are supported by the business. Earlier today, BlockFi announced an agreement with FTX U.S. and noted that it had lost nearly $ 80 million in its dealings with 3AC.

Source: yahoo




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