Three Arrows Capital, popularly known as 3AC, has reportedly been formally liquidated by the order of a British Virgin Islands court. Based in Singapore, Three Arrows Capital is among the leading crypto investors who ran into difficult times owing to a sharp sell-off that’s affecting the overall cryptocurrency market over the past few weeks. Bitcoin (BTC), the world’s oldest and most valued crypto coin, dipped below the $20,000 mark yet again on June 30, dragging down the prices of most other major altcoins.
As confirmed to Reuters by a person familiar with the matter, 3AC is said to have entered liquidation. Earlier this week, US-headquartered crypto broker Voyager Digital issued a default notice to 3AC after it failed to make payments on a loan of BTC 15,250, which amounts to roughly $324 million, and nearly $350 million worth of the USDC stablecoin.
In a separate report by Sky News citing a source, a British Virgin Islands court ordered the liquidation of Three Arrows Capital. Teneo crypto firm has been reportedly appointed as liquidator.
Three Arrows Capital was founded in 2012 by Su Zhu and Kyle Davies. While the duo didn’t offer any details on the inslovency, Zhu took to Twitter on June 15 to say that the company was in the process of working things out by “communicating with relevant parties.”
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