Liquidators can subpoena 3AC founders despite 'tricky issues' with crypto assets
The liquidators' attorney said he did not know the current location of Zhu or Davies, alleging the duo did not had not provided "meaningful cooperation" with the liquidators.
New
A court in the United States (US) has allowed liquidators to subpoena the founders of crypto investment firm Three Arrows Capital (3AC), including Su Zhu and Kyle Davies.
According to a July 12 report by Law360, U.S. Bankruptcy Judge Martin Glenn on Tuesday issued an order authorizing the subpoenas after being told by the liquidators' attorney that the whereabouts of the liquidators were unknown. founders and that there were fears that they would sell tens of millions in assets.
Attorney Adam Goldberg said he does not know the current whereabouts of Zhu or Davies, alleging the duo failed to provide "meaningful cooperation" with liquidators.
Goldberg raised concerns about the possibility of 3AC selling assets, pointing to media reports that a Singapore property worth "tens of millions" was being sold by Zhu.
The job of a liquidator is to assess the value of an insolvent business or individual and sell the assets to settle outstanding debts. Liquidators may find it difficult to collect 3AC's crypto assets if it does not have jurisdiction over wallets.
Presiding Judge Martin Glenn acknowledged that mining the company's crypto funds presents "tricky issues" regarding the location of the company's crypto wallets.
Bloomberg reported on July 12 that Goldberg asserts that crypto wallets fall under US jurisdiction and that such assets are now subject to his client's discretion. Goldberg said,
"A key part of this motion is to warn the world that it is the liquidators who control the debtor's assets at this stage."
Three Arrows Capital (3AC) is a leading Singapore-based investment firm founded in 2012 with over $18 billion in assets under management...
The liquidators' attorney said he did not know the current location of Zhu or Davies, alleging the duo did not had not provided "meaningful cooperation" with the liquidators.
New
A court in the United States (US) has allowed liquidators to subpoena the founders of crypto investment firm Three Arrows Capital (3AC), including Su Zhu and Kyle Davies.
According to a July 12 report by Law360, U.S. Bankruptcy Judge Martin Glenn on Tuesday issued an order authorizing the subpoenas after being told by the liquidators' attorney that the whereabouts of the liquidators were unknown. founders and that there were fears that they would sell tens of millions in assets.
Attorney Adam Goldberg said he does not know the current whereabouts of Zhu or Davies, alleging the duo failed to provide "meaningful cooperation" with liquidators.
Goldberg raised concerns about the possibility of 3AC selling assets, pointing to media reports that a Singapore property worth "tens of millions" was being sold by Zhu.
The job of a liquidator is to assess the value of an insolvent business or individual and sell the assets to settle outstanding debts. Liquidators may find it difficult to collect 3AC's crypto assets if it does not have jurisdiction over wallets.
Presiding Judge Martin Glenn acknowledged that mining the company's crypto funds presents "tricky issues" regarding the location of the company's crypto wallets.
Bloomberg reported on July 12 that Goldberg asserts that crypto wallets fall under US jurisdiction and that such assets are now subject to his client's discretion. Goldberg said,
"A key part of this motion is to warn the world that it is the liquidators who control the debtor's assets at this stage."
Three Arrows Capital (3AC) is a leading Singapore-based investment firm founded in 2012 with over $18 billion in assets under management...
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