The co-founders of 3AC used the assets of the fund for a $ 50 million yacht and bungalows

The co-founders of 3AC used the assets of the fund for a $ 50 million yacht and bungalows

a 1.157-page ingenuity explanation from the insolvency administrator Russell Crumpler Designed report and published by the restructuring company Teneo by Three Arrows Capital (3AC) reveals several details about the contested crypto hedge funds.

The co-founders SU ZHU and Kyle Davies made a deposit for a yacht worth $ 50 million, as the document shows. The yacht should be delivered to Italy at some point within the next two months if the remaining payment would be due, according to an affidavit from Blockchain.com, which reports reported Dollar to the crypto-hedge-fonds.

Davies is said to have intended to "be larger than any yacht that belongs to the richest billionaire Singapore".

It is assumed that the co -founders made the payment with borrowed agents while they have ignored the attempts by the creditors to contact them. The file also shows that ZHU and his wife bought two Singapore bungalows of the "good class" or prestigious apartments-for between $ 28.5 million and $ 48 million in the past two years. These assets were presented as proof that the co -founders may have used business assets for personal purchases.

"The founders of the obviously insolvent company should not be allowed to deal with the company's assets," wrote the insolvency administrators.

Liquidators also say that 3AC continued to act with cryptocurrencies instead of reacting to the additional shots of lenders. Regardless of this, the fund is said to have transferred $ 31 million in Stablecoin USDC and 900,000 USD in USDT on the Kaiman Islands Tai Ping Shan Limited, which is owned by Kelly Kaili Chen, the partner of ZHU and Kyle Davies.

Both Kaili chen and ZHU are among the more than 20 creditors who have lent 3ac money.

Insolvency administrators ask for access to the 3AC office in Singapore, since creditors list demands in the millions

The submission shows that 3AC owes around 27 crypto companies $ 3.5 billion. His biggest creditor is the crypto broker Genesis, who borrowed $ 2.3 billion to the fund. After 3AC had not met an additional claim in June, Genesis sold collateral and secured his downside, CEO Michael Moro said in a Twitter thread in the early this month.

The Digital Currency Group, the parent company of Genesis, has submitted a claim of $ 1.2 billion, almost twice the demand for Voyager digitally in the amount of $ 674 million. The crypto exchange Deribit has a claim of $ 80 million under the name DRB Panama, the demand from Kaili Chen amounts to $ 65.7 million and Celsius' overall claim is around $ 40 million. ZHU itself has a claim of $ 5 million.

Crumpler asked for access to the 3AC office, hoping that liquidators will have a way to obtain cold wallets or information about the company's trading accounts in order to freeze assets. "In order to prevent this from being removed, destroyed, damaged or modified (by SU ZHU, Kyle Davies or other people with access), it is imperative that access is granted immediately."

A file dated July 8 states that Christopher Farmer, a senior managing director at Teneo, visited the office in Singapore, but found it empty, since unopened post was pushed against the door. According to the Farmers report, the office only had residents in May or early June 2022, citing people who worked nearby. In the meantime, according to the liquidators, ZHU and Davies have not cooperated or answered questions that were asked.

zhu . In his first public communication for almost a month, he said on July 12th: "Unfortunately, our good will to work with the liquidators was answered with agitation."