NEW: Three Arrows Capital has filed for Chapter 15 bankruptcy in New York, a move likely tied to the court-ordered liquidation of its British Virgin Islands assets. nikhileshde reports
Three Arrows Capital, a crypto hedge fund, filed for Chapter 15 bankruptcy in the Southern District of New York late Friday after weeks of speculation that it was functionally insolvent.previously ordered
Three Arrows' local branch to enter into liquidation, indicating that Friday's filing is likely tied to this. U.S.-based firm Teneo Restructuring has been tapped to The firm borrowed large amounts of funds from several crypto lenders, including BlockFi, Celsius, Babel Finance and Voyager Digital, but was unable to pay. The lenders halted withdrawals or needed credit lines extended to weather the storm. Chapter11dockets.com first announced the bankruptcy, and BloombergAccording to Bloomberg, the Chapter 15 filing will let the firm protect its U.S. assets even as its BVI assets are liquidated.
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