Crypto hedge fund Three Arrows Capital has made altcoin transfers just days after filing for bankruptcy protection. Here are the details…
Three Arrows Capital processes altcoin transfers
The bankrupt hedge fund was recently hit by Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), after it was revealed that the firm had provided false information about its assets. Additionally, Three Arrows Capital was accused of failing to notify MAS of changes in its shareholding structure. cryptocoin.com One of the biggest victims of market turbulence as we reported, the fund was one of the best-known crypto hedge funds with over $10 billion in assets under management at its peak. The market crash that followed the collapse of the Terra ecosystem severely damaged the hedge fund.
Meanwhile, cryptocurrency hedge fund Three Arrows Capital has transferred tens of millions of dollars worth of Tether (USDT) and USD Coin (USDC) stablecoins to cryptocurrency exchange KuCoin, according to information provided by blockchain security firm PeckShield. According to PeckShield’s data, $10 million USDT and $20 million USDC fell into the hands of cryptocurrency exchange KuCoin.
#PeckShieldAlert 3AC transferred ~10m $USDT and ~20m $USDC into Kucoin within the last 24 hour. pic.twitter.com/VxxrfQtrNt
— PeckShieldAlert (@PeckShieldAlert) July 5, 2022
However, according to a recent tweet from PeckShield, KuCoin told PeckShield that the account in question is not owned by Three Arrows Capital.
#PeckShieldAlert Kucoin claimed 0x0D71587c83a28E1AdB9CF61450A2261ABbE33632 https://t.co/TXZc6y9Hvc… is not 3AC’s address. PeckShield would update the labeling. @kucoincom @lawmaster
— PeckShieldAlert (@PeckShieldAlert) July 5, 2022
Cryptocurrency chaos continues
The ailing crypto hedge fund 3AC has been ordered into liquidation by a British Virgin Islands court. At the same time, overseas debtors seek protection from creditors in the United States under the terms of the Bankruptcy Act, which provides their US-based protection. The latest token transfer event has caught the attention of many people. Loi Luu, co-founder and President of Kyber Network, said:
Wait a second, how can they still send entities here and there? At this point, I thought that the court-appointed liquidator would have already stepped in.
Meanwhile, chaos continues in other cryptocurrency companies. cryptocoin.com As we have also reported, Estonia-based crypto loan platform CoinLoan has reduced its 24-hour withdrawal limit from 500,000 USD to 5,000 USD. The company said in a statement that it is not in trouble. But “like any company, we must consider the market,” he wrote. He said the move was a “temporary change”. CoinLoan claimed that the measure it took would allow them to “provide stable platform operations now and in the future.” The company also added that it would be “more convenient” from a business point of view to suspend all withdrawals “as some other companies have done.”
