Teneo, the court-appointed liquidator of collapsed crypto hedge fund Three Arrows Capital (3AC), secured a critical court decision in Singapore that may give them greater insight into the collapsed crypto hedge fund’s remaining assets in a major jurisdiction. Being a foreign entity, Teneo lacked the legal basis to request access to any financial records the fund kept in Singapore. With the petition granted, Teneo can investigate what 3AC assets are held in Singapore.
The Singapore High Court granted a petition by advisory firm Teneo, appointed in June by a British Virgin Islands court to liquidate 3AC, to recognize the BVI liquidation order in the country. Teneo is trying to round up and preserve the hedge fund’s assets.
The BVI-registered but Singapore-based 3AC firm filed for Chapter 15 bankruptcy in June following a wave of liquidations that swept across the sector in the wake of the Terra/Luna collapse.
According to Bloomberg, Teneo has so far gained control of at least $40 million of 3AC’s assets. This represents only a tiny fraction of the $3.5 billion the firm owes to 25 different companies, including $2.3 billion to crypto trading and lending company Genesis.