- Teneo, the advisory organization overseeing the liquidation of crypto hedge fund Three Arrows Capital, has taken manipulation of a number of its assets, in step with a deck received with the aid of using The Block.
- The organization has taken advantage of $35.6 million worth of fiat forex and 3AC’s Starkware tokens, amongst different assets.
According to a filing from The Block, Teneo, the consulting company managing the liquidation of cryptocurrency hedge fund Three Arrows Capital (3AC), has taken control of some of its assets. The filing filed by Teneo at a hearing in Southern New York Bankruptcy Court today says the liquidators in the 3AC case have made some progress regarding asset realization. Or in the hands of company attorneys by appointment,” reads the deck” Of $2.00 in forced redemptions of investments 751 million. As part of the process, Teneo took control of 3AC’s Starkware tokens, and liquidators bought the tokens under the original deal’s terms. 3AC invested in the $75 million Series B and the $50 million C round of the Starkware series round.
The exchange accounts for 3AC are now under Teneo’s management. According to the filing, the company also acquired transaction history and discovered more than 60 different kinds of tokens. USD is as necessary. Holdings of ether were exchanged for an average price of $1,810.
3AC founders Su Zhu and Kyle Davies have repeatedly not addressed Teneo, the filing states. UAE: Jurisdictions notorious for difficulties in enforcing foreign court orders. Teneo declined to comment with The Block when contacted. Davies did not instantly respond to a request for comment.
In October, Teneo applied for court approval to serve subpoenas on the founders through their Twitter and email accounts, alleging they did not cooperate with requests for information. Chief Justice Martin Glenn approved a subpoena request from the 3AC founders and subpoenas ordering them to release the notices, according to a source with direct knowledge of the matter. However, the judge did not rule on requesting service for those subpoenas via Twitter. 3AC, once one of the largest and most well-known crypto hedge funds, collapsed in mid-June amid liquidity problems. On July 1, the fund submitted a Chapter 15 bankruptcy petition in New York.