Cryptocurrency hedge fund Three Arrows files for bankruptcy in the US

Singapore-based company hit by sharp sell-off in crypto markets

Singapore's financial regulator accused the cryptocurrency hedge fund Three Arrows Capital of exceeding its assets threshold and providing false information. AP
Beta V.1.0 - Powered by automated translation

Cryptocurrency hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the US under Chapter 15 of the country's Bankruptcy Code, which allows foreign debtors to shield US assets, according to a court filing on Friday.

Singapore-based 3AC is one of the highest-profile investors hit by the sharp sell-off in cryptocurrency markets and is being liquidated, Reuters reported on Wednesday.

Representatives for 3AC filed a petition in the US Bankruptcy Court for the Southern District of New York on Friday, according to court documents.

On Thursday, Singapore's financial regulator had accused the embattled fund of exceeding its assets threshold and providing false information.

Non US-companies use Chapter 15 to block creditors who want to file lawsuits or tie up assets in the US.

Updated: July 02, 2022, 7:30 AM
EDITOR'S PICKS
NEWSLETTERS
MORE FROM THE NATIONAL