The liquidation process of 3ac, a cryptocurrency hedge fund that recently went bankrupt, is likely to proceed in Singapore.

According to CoinDesk on the 15th (local time), Teneo, a 3ac-designated liquidator, requested temporary relief from a local high court through a Singapore-based law firm. This is to have Teneo manage 3ac assets in Singapore and summon co-founders of Suzhou and Kyle Davis 3ac.



If Teneo proves that the 3ac bankruptcy factor originated from the co-founder’s fault, Teneo’s lawyer explained, these assets could be seized. It is unclear when the court will make a decision.



Earlier, the media reported that the founder of Suju is in the process of selling expensive real estate worth $35 million, and that there are several real estate in the name of him and his wife.

In addition, according to Reuters, a federal judge at the New York Bankruptcy Court froze the assets of 3ac (three Arrow Capital). The judge noted that only designated bankruptcy liquidators have the authority to transfer, establish collateral or dispose of the debtor’s assets located in the United States.



Under the ruling, the designated liquidator, Teno, was authorized to summon 3ac co-founders Zhu Su and Kyle Davies, as well as banks, cryptocurrency exchanges, other institutions and companies associated with 3ac.



“The key is to let the world know that it is liquidators who control debtor 3ac’s assets,” attorney Adam Goldberg, who represents Teneo, told the hearing Tuesday.

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