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 (OTC:GBTC), Avalanche (CRYPTO: AVAX), and Near Protocol (CRYPTO: NEAR) tokens. You can find a complete list of Three Arrows Capital Creditors here.
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 (CRYPTO: BTC) and 15,000 Ethereum (CRYPTO: ETH), totaling approximately $55.37 million at the current prices.
Also read: Celsius Bankruptcy Hearing: Lawyers Claim Users Gave Up Legal Rights To Crypto
Algorand (CRYPTO: ALGO), another popular cryptocurrency is also a creditor as revealed on Twitter Inc (NYSE: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 |
