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As Three Arrows Capital (3AC) goes through the liquidation process mandated by the Order of the Eastern Caribbean Supreme Court in the High Court of Justice in the British Virgin Islands, the full depth of the company’s implosion and its effect on the crypto industry is starting to become clear.
The details come from affidavits filed on July 7 show 3AC owes $3.5 billion to 27 companies and individuals who loaned the company money.
Chen Kaili Kelly, wife of co-founder Kyle Davies, made a claim against the lenders for around $66 million. Zhu Su, a co-founder, put up a $5 million claim.
According to Wu Blockchain, 3AC’s biggest creditor, Genesis Asia Pacific, filed a $1.2 billion claim against the company after providing the business with a $2.36 billion loan secured by 3AC’s Grayscale Ethereum Trust GBTC, Avalanche AVAX/USD, and Near Protocol NEAR/USD tokens.
Other creditors dealing with 3AC include Celsius Network and Voyager Digital, both of which have filed for bankruptcy. An $80 million claim has been made by Deribit, a cryptocurrency derivatives exchange, under the name DRB Panama Inc. Deribit lent 1,300 Bitcoin BTC/USD and 15,000 Ethereum ETH/USD, totaling approximately $55.37 million at the current prices.
Also read: Celsius Bankruptcy Hearing: Lawyers Claim Users Gave Up Legal Rights To Crypto
Algorand ALGO/USD, another popular cryptocurrency is also a creditor as revealed on Twitter Inc TWTR on July 18.
Last September, the Algorand Foundation entered a one-off OTC trade with 3AC. We have reason to believe 3AC violated the associated lockup terms and as such are seeking remuneration per the terms of the agreement….
— Algorand Foundation (@AlgoFoundation) July 18, 2022
Additionally, it was disclosed in the papers that ThreeAC Limited, the investment management division of 3AC, filed a $25 million lawsuit against the parent business.
The list of creditors, below, released in the liquidation filing is still not complete:
|
Creditor
|
Principle Amount/Recall Amount
|
Liquidated Capital
|
|
Equities First Holdings LLC
|
US$31,133,100
US$38,841,600
US$45,745,300
US$44,339,500
|
1,000,000 GBTC.US
1,500,000 GBTC.US
2,000,000 GBTC.US’
2,000,000 GBTC.US
|
|
Voyager Digital LLC
|
15,250 BTC
350,000,000 USDC
|
Unknown
|
|
Tower Square Capital Limited
|
106.620552 BTC at 3.5% interest
52.32976266 BTC at 3.5% interest
13206.76723 USDC at 5% interest
1098257.337 USDT at 5% interest
23285.24488 USDT at 7% interest
|
Unknown
|
|
Ashla International Inc
|
500 BTC
10,000,000 USDT
|
Unknown
|
|
Plutus Lending LLC
|
10,000,000 USDT
|
Unknown
|
|
Connor Zautke
|
12.7233 BTC
109.4143 ETH
|
|
|
Stephen Zautke
|
218.3534 BTC
1,735.3587 ETH
|
|
|
LuneX Ventures LP
|
88 BTC
|
|
|
Kenrick Drijkoningen
|
55 BTC
US$250,000
|
Unknown
|
|
Play Future Fund Limited
|
US$600,000 capital call
|
|
|
Banton Overseas Limited
|
150 BTC at 4% interest
387 ETH at 4% interest
|
Unknown
|
|
Moonbeam Foundation Ltd
|
200,000 MOVR
10,000,000 GLMR
|
Unknown
|
|
Moonbase One Ltd
|
7,000,000 USDC
10,000,000 USDC
|
Unknown
|
|
PureStake Ltd
|
8,000,000 USDC
|
Unknown
|
|
Livetree Community Ltd
|
US$300,000
10,000 DOT
|
Unknown
|
|
Onchain Custodian
|
30.18386678 BTC
|
Unknown
|
|
Singapore Bitget Pte Ltd
|
US$16,322,226
|
US$6,615,000
|
|
SBI Crypto Co Ltd
|
362.82191561 BTC
|
506.69 ETH
|
|
210K Capital, LP
|
67.43745958 BTC
0.76355046 BTC
|
Unknown
|
|
Hashkey Trading
|
444,196.08 USDT
|
69.21 BTC
(accounted for in
balance principle)
|
|
FalconX Ltd
|
US$65,474,982.33
|
Unknown
|
|
Mirana Corp
|
US$13,062,418.07
|
US$37,098,062.97
(accounted for in
balance principle)
|
|
CoinList Services LLC
|
35,000,000 USDC
|
Unknown
|
|
DRB Panama Inc
|
1300 BTC
15,000 ETH
|
Lender indicated they
are liquidating account
|
|
Genesis Asia Pacific Pte Ltd
|
US$2,360,302,065
|
2,125,794 shares of
Grayscale Bitcoin
Trust
446,928 shares in
Grayscale Ethereum
Trust
2,076,238 shares in
Grayscale Bitcoin
Trust
13,241,612 shares of
Grayscale Bitcoin
Trust
2,739,043.83 AVAX
tokens
13,583,265 NEAR
tokens
|
|
Arrakis Capital
|
20,000,000 USDC
|
Unknown
|
|
Celsius Network
|
50,226,027.40 USDC
25,118,150.68 USDC
|
Unknown
|
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Image and article originally from www.benzinga.com. Read the original article here.