Crypto news

Three Arrows Capital has accumulated $3.5 billion in debt

Bankrupt hedge fund Three Arrows Capital (3AC) owed $3.5 billion to dozens of investors, according to a published court document.

Cryptocurrency OTC platform Genesis turned out to be 3AC’s largest creditor with $2.36 billion. A subsidiary of Digital Currency Group is owed 17,443,644 shares of GBTC; 446,928 shares of GETH, 2,739,043 AVAX tokens and 13,583,265 NEAR. The amount of assets does not cover liabilities.

Voyager Digital provided the fund with an unsecured loan of $350 million USDC and 15,250 BTC in March. The debt is valued at $685 million.

Other major lenders to 3AC include:

  • Equities First Holdings, ~$162 million;
  • Celsius Network, ~$75 million;
  • FalconX, ~$65 million;
  • Deribit, ~$51 million;
  • CoinList, ~$35 million.

Claims against 3AC for $65.7 million were made by the wife of co-founder Kyle Davis.

Another co-founder of the fund, Su Zhu lent the company $5 million.

Deribit also claims that $31.6 million in Stablecoin was transferred by 3AC to the wallets of trading platform Tai Ping Shan Limited.

Earlier, the service denied any connection to the fund. However, according to the document, Davis’ wife and Soo Joo own a 52% stake through a joint venture firm.

The co-founders of 3AC bought the yacht for $50 million to impress investors. Zhu has owned two expensive bungalows in Singapore in recent months.


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