The co-founders plan to move to Dubai, United Arab Emirates. They called the collapse of their cryptocurrency hedge fund “unfortunate”.
Long awaited announcement
Su Zhu and Kyle Davis, founders of the failed cryptocurrency hedge fund Three Arrows Capital (3AC), finally, they commented on the collapse of the fund. They broke their old silence over a month in an interview with Bloomberg released on Friday.
The co-founders called it “regrettablethe demise of Singapore’s market-leading cryptocurrency hedge fund. However, Zhu and Davis denied this. They would take the money from the fund before it fell. After the Terra Luna fiasco in May 3AC lost $ 200 million due to its huge impact on the ecosystem.
Also, the hedge fund firm has lost at least $ 400 million during the last The collapse of the cryptocurrency market.
Zhu said 3AC collapsed because it continued various leveraged operations expect the cryptocurrency market to recover. 3AC leaders said worked with the authorities and choose a profile crushed by death threats.
Cryptocurrency broker Voyager Digital also recently defaulted on 3AC. Loans in excess of $ 670 million. Another cryptocurrency broker, Genesis Global Trading, has filed a $ 1.2 billion lawsuit against the failed company.
Are you moving to Dubai?
According to an interview with Bloomberg, the co-founders spoke from an unknown location. They also go to Dubai in the United Arab Emirates, according to a lawyer who allegedly attended the appeal hearing.
“As we were planning to relocate the business to Dubai, we need to go there early to see if we move there as originally planned or if the future is something else,” Zhu told Bloomberg.
Trial in the British Virgin Islands last month ordered the liquidation of 3AC. International consulting firm Teneo Restructuring has been hired, according to Finance Magnates. bankruptcy proceduresAnd. Teneo Restructuring advises companies, credit institutions and other financial institutions on all aspects of life.
This is the latest statement from mutual fund managers don’t tell us anymore on the reasons for the insolvency of 3AC. He takes it out again Corporate disaster risk management which led to his downfall.
To learn more about Celsius, another struggling cryptocurrency company, check out our article here.