S'pore-based crypto fund Three Arrows Capital files for bankruptcy in US

The Straits Times LogoThe Straits Times1 mo ago

S'pore-based crypto fund Three Arrows Capital files for bankruptcy in US

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July 03, 2022 3:39 PM - BENGALURU (REUTERS, BLOOMBERG) - Crypto hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the United States under Chapter 15 of the US Bankruptcy Code, which allows foreign debtors to shield US assets, according to a court filing on Friday.

"I had begun to think that dominoes had stopped falling in mid-June," said Mr Aaron Brown, a crypto investor and Bloomberg Opinion contributor.

Meanwhile, crypto markets slumped, adding to a decline that has wiped away some US$2 trillion (S$2.8 trillion) of market value.

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Category: Economy

Topics: Crypto Market Creditors Friday Court Assets Industry Capital Three Markets Major

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-07-03, 15:39:54

News Timezone: GMT +8:00

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Language: English

Reading Time: 4 minutes read

Article Length: 582 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 27159

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