Crypto hedge fund Three Arrows files for U.S. bankruptcy - Aliens: AI Crypto News & Markets Updates
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Crypto hedge fund Three Arrows files for U.S. bankruptcy

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MarketWatch

Sat, Jul 02, 2022

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Crypto hedge fund Three Arrows Capital has filed for bankruptcy under Chapter 15 of the U.S. Bankruptcy Code, according to a court filing in the Southern District of New York on Friday.

The Chapter 15 bankruptcy filing in Manhattan federal court late on Friday came just days after Three Arrows was pushed into liquidation in the British Virgin Islands, following claims that it failed to pay $80 million it owed to digital asset exchange Deribit, the Financial Times reported.

In a sign of the scale of Three Arrows’s borrowings, Toronto-listed crypto lender Voyager Digital said in late June that it could lose more than $650 million in loans it made to the crypto investment firm co-founded by Su Zhu and Kyle Davies.

See: Crypto brokerage Voyager Digital shares fall as much as 40% after suspending trading, deposits, withdrawals BlockFi, another big crypto lender, said on Friday it had sustained around $80 million in losses due to the Three Arrows collapse even after it unwound some of its positions.

See also: FTX signs deal to bail out crypto lender BlockFi with option to buy it for up to $240 million Three Arrows is also facing regulatory scrutiny in Singapore.

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