Fund has become emblematic of the industry’s excesses during last year’s bull run
The court, which made the order on Monday, has appointed two partners at consulting and advisory firm Teneo to handle the liquidation, according to a person familiar with the matter, who declined to be identified because the information is confidential.
Teneo will oversee talks with potential buyers that may be interested in Three Arrows’s remaining holdings, such as tokens or equity stakes in crypto startups, the person added. A website will be set up to locate creditors and determine who is owed what. Three Arrows has invested in a range of decentralized finance platforms such as Aave and dYdX, as well as crypto infrastructure firms such as StarkWare, according to its website.
The court order brings down the curtain on one of crypto’s most famous hedge funds, founded by Zhu Su and Kyle Davies, former Credit Suisse traders, at the kitchen table of their apartment in 2012. Their fortune rose along with the crypto market bull run, and Three Arrows’ assets under management were estimated to be about US$10 billion in March, according to blockchain analytics firm Nansen. In April, Zhu said the fund is planning to move its headquarters to Dubai from Singapore.
Three Arrows has become emblematic of the industry’s excesses during last year’s bull run, when firms built up the leverage that hobbled them as the market turned. This month, a cryptic tweet from Zhu hinted at Three Arrows’s reversal of fortune and growing plight, setting off a market spasm.Article content
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