3AC’s Crypto Is Still on the Move After Liquidation and Bankruptcy Filing

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Alex Dovbnya

Troubled crypto hedge fund 3AC has moved tens of millions of dollars to Kucoin

Embattled cryptocurrency hedge fund Three Arrows Capital has transferred tens of millions of dollars worth of Tether (USDT) and USD Coin (USDC) stablecoins to cryptocurrency exchange KuCoin, according to data provided by blockchain security company PeckShield.

The recent transfers come just days after 3AC filed for Chapter 15 bankruptcy protection.

The failed hedge fund was recently reprimanded by the Monetary Authority of Singapore (MAS), the country’s financial regulator for providing misleading information about the company’s assets. 3AC was also accused of failing to notify the MAS of changes in shareholding positions.    

One of the most prominent crypto hedge funds, which had more than $10 billion worth of assets under management at its peak, ended up becoming one of the biggest casualties of the market turmoil.

On June 29, a court based in the British Virgin Islands ordered the liquidation of 3AC.

The hedge fund was hit extremely hard by the implosion of the Terra ecosystem and the ensuing market collapse.

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