Three AC’s vows continues as the founders go missing.
The hedge fund company, headquartered in Singapore has lately been under a lot of scrutiny by various regulators and crypto institutions for the inefficacy of the company to satisfy the loan calls and loan repayment of the companies that it has taken credit from.
Many crypto institutions such as Voyager Digital, BlockFi have been facing a lot of issues due to the failure of 3AC’s unpaid loans. Voyager Digital also went on to file for Bankruptcy as the it didn’t have sufficient funds to continue in the market. Both the companies Block Fi and Voyager have started suspending the essential services such as trading, deposits, and withdrawals and have also gone ahead to lay-off a big chunk of their employees to stay viable in the current market situations.
As 3AC filed for Bankruptcy earlier, the British Virgin Islands court went on to appoint Russell Crumpler and Christopher Farmer as the liquidator for the company. Both the gentlemen were given the responsibility to validate the company, liquidate and wind down the operations with out any kind of complexities or rifts.
When the liquidators went ahead to visit the firm in Singapore, they found it shocking that both the founders of the hedge fund company Zhu Su and Kyle Davies were missing. The firm was locked with a junk of old mails.
The readings of the filings proves that the founders are not ready for the liquidation.
According to the filings, when the representatives appointed for liquidation were approached by a lawyer in Singapore who was appointed by the Founders of the hedge fund company. In the filing it was stated that “The founders are in no mood to corporate with the representatives in any which ways.”
The filing also revealed a shocking fact about the founders. It said that since the company’s large proportionate assets were cash and digital assets, the founders of the company could well cheat the liquidators and transfer all the assets to a new wallet or a new account as the assets mentioned above are easily transferable.
Many companies in the current market situation are drowning in the market.
3AC is not the only company to be facing the blunt of the market crash. In another set of news, crypto lender Nexo announced plans to acquire rival Vauld after the company went on to halt client withdrawals. Voyager digital also went on to file for bankruptcy amidst the current market plunge.