{"id":31184,"date":"2022-06-29T09:05:24","date_gmt":"2022-06-29T13:05:24","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31184"},"modified":"2022-06-29T09:05:28","modified_gmt":"2022-06-29T13:05:28","slug":"british-virgin-islands-court-reportedly-orders-3ac-to-be-liquidated","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/british-virgin-islands-court-reportedly-orders-3ac-to-be-liquidated\/","title":{"rendered":"British Virgin Islands court reportedly orders 3AC to be liquidated"},"content":{"rendered":"\n
Three Arrows Capital (3AC), is reportedly facing liquidation on the orders of a British Virgin Islands court, the order came on the same day Voyager Digital issued a notice of default to 3AC<\/a> for its failure to pay its loan.<\/h5>\n\n\n\n
\"British
British Virgin Islands court reportedly orders 3AC to be liquidated<\/figcaption><\/figure>\n\n\n\n

According to a British news outlet called Sky News, a court in the British Virgin Islands ordered on June 27 that Singapore-based 3AC be liquidated.<\/p>\n\n\n\n

The information in the paper alludes to an unnamed individual who is knowledgeable of the situation. A request for comment from Cointelegraph was not immediately answered by Three Arrows Capital\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>.<\/p>\n\n\n\n

Kyle Davies and Su Zhu established the Singaporean cryptocurrency hedge fund Three Arrows Capital, popularly known as 3AC, in 2012.<\/p>\n\n\n\n

In the midst of a severe market collapse this year, with Bitcoin (BTC) falling below $20,000 for the first time in two years, the company apparently failed to fulfill margin calls from its lenders.<\/p>\n\n\n\n

According to reports, 3AC borrowed bitcoins from the crypto lending company BlockFi, but the bear market prevented it from meeting a margin call. The predicted $400 million in liquidations for the VC firm's various positions.<\/p>\n\n\n\n

Even though the reports spread rumors that 3AC was bankrupt<\/a>, the company's founders persisted in assuring clients that they would make every effort to come up with a fair resolution.<\/p>\n\n\n\n

According to Davies, the company employed legal and financial consultants to investigate options like asset sales and a rescue package from another company. We have always believed in cryptocurrencies, and we still do, he continued.<\/p>\n\n\n\n

The information was released shortly after 3AC received a notice of default from the cryptocurrency exchange Voyager Digital<\/a> for failing to repay a loan for 350 million USD Coin (USDC) and 15,250 BTC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Three Arrows Capital (3AC), is reportedly facing liquidation on the orders of a British Virgin Islands court, the order came on the same day Voyager Digital issued a notice of default to 3AC for its failure to pay its loan. According to a British news outlet called Sky News, a court in the British Virgin […]<\/p>\n","protected":false},"author":12,"featured_media":31186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-31184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-227.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31184"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/31186"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}