Crypto Crisis: More Bad News For a Failing Hedge Fund

The crisis of confidence that is currently shaking the crypto industry has just made a new victim and not the least. 

Singapore-based hedge fund Three Arrows Capital (3AC) has been forced by a court in the British Virgin Islands to enter liquidation, an unnamed source told TheStreet on June 29. 

Restructuring firm Teneo has been appointed alongside another liquidator to handle the process, the primary purpose of which is to protect 3AC’s assets, the source said. The hedge fund paid out its exposure of just over $200 million to the cryptocurrency Luna and its sister UST or TerraUSD, which collapsed in May causing the disappearance of at least $55 billion.

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