Three Arrows Liquidators Get Singapore Nod to Probe Crypto Fund

Three Arrows Capital Ltd.’s liquidators secured a key court decision in Singapore that may give them greater insight into the collapsed crypto hedge fund’s remaining assets in a major jurisdiction, Bloomberg News reported. The Singapore High Court on Monday granted a petition by advisory firm Teneo, which in June was appointed by a British Virgin Islands court to liquidate Three Arrows, to recognize the liquidation order in the country, the people said, asking not to be named as the proceedings were private. Teneo is trying to round up and preserve the hedge fund’s assets. Recognition in Singapore gives the liquidators authority to request access to any financial records the fund kept locally, the people said. They lacked the legal basis to do so before gaining formal recognition by a local court, according to the people. The liquidators plan to focus on establishing what assets held in Singapore -- such as bank accounts, properties, cryptocurrencies, nonfungible tokens and stakes in companies -- can be tied to Three Arrows itself, they said. Three Arrows, which operated from Singapore until at least early May, collapsed after the implosion of the Terra stablecoin project that month sent cryptocurrencies tumbling. Co-founder Zhu Su, whose family has two luxury homes in the city-state, had announced plans to move its headquarters to Dubai in April. The fund was registered in the BVI. Read more.
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