Dietrich Knauth at Reuters detailing the bizarre post-bankruptcy of Three Arrows Capital :
Representatives for Three Arrows Capital (3AC) have asked a U.S. bankruptcy court in Manhattan to force the cryptocurrency hedge fund’s founders to participate in the liquidation proceedings, saying they can’t be located and have blown off requests for necessary information.
Nothing shady about that.
The liquidators said [founders] Su and Davies have not yet begun to cooperate in the liquidation effort, and that they are not only concerned about delays to their work, but the “actual and imminent risk” that the founders or other parties will whisk away 3AC’s cryptocurrency assets.
The liquidators said they have had Zoom and email communications with a Singapore law firm purporting to represent Zhu and Davies, but they could not be sure they were actually reaching the founders. On a recent Zoom call, Su and Davies’ names appeared, but their video was turned off and they were on mute at all times. Neither answered direct questions on the call, according to the liquidators.
They also said they had stopped by 3AC’s Singapore office, but could not enter because the door was locked. Mail had piled up unanswered by the door, and neighbors said no one had been in the offices since late May or early June, according to the court filing.
Anyone who still thinks crypto companies are legit businesses run by legit people shouldn’t be surprised when their money – like these two founders – completely disappears.
Why am I not surprised?
Live Your Wage
Hopefully fewer and fewer people will be surprised by this stuff.