BlockchainCom and Deribit Seek 3AC’s Liquidation From a British Virgin Islands Court

BlockchainCom, also a creditor of the crypto-focused hedge fund, reportedly admitted to cooperating with law enforcement agencies for investigations into Three Arrows Capital. Along with Deribit, both companies said they requested the recent liquidation of 3AC.

• CryptoPotato reported earlier this week the news that a court in the British Virgin Islands ordered Three Arrows Capital into liquidation.
• This came amid the company’s ongoing struggles, which originated a few months ago after the Terra fiasco.
• According to a Bloomberg report, two of the industry participants that sought that liquidation were BlockchainCom and Deribit – both of which were creditors of the hedge fund.

“We believe Three Arrows Capital defrauded the crypto industry and intend to hold them accountable to the fullest extent of the law. We have filed for the immediate liquidation of all global assets of Three Arrows.” – said a statement from BlockchainCom.

• Just yesterday, the Monetary Authority of Singapore (MAS) reprimanded 3AC alleging that it had lied to investors by providing false information and exceeded its allowed AUM threshold.
• The downfall of the hedge fund has impacted numerous cryptocurrency-focused companies.
• Among those was Voyager Digital Holdings. The US-based platform recently admitted that it had to secure a massive $500 million loan in the form of a credit facility from Alameda after the fiasco with 3AC.
• The company explained that it had exposure of over $650 million (350 million USDC and 15,250 BTC) to the struggling VC.