According to Bloomberg, which cites unnamed sources, the Singapore High Court granted a petition on Monday to acknowledge a liquidation order that had been issued against Three Arrows Capital by a court in the British Virgin Islands (3AC).

The petitioner now has the legal right to request access to 3AC's financial data that is housed in Singapore, which is also where 3AC's headquarters are located. This legal right was granted by a judgement that was issued in secret by a court in Singapore.

Teneo, the company tasked with liquidating the assets of 3AC, filed a petition with the court on July 9, claiming that the cryptocurrency hedge fund's Singapore headquarters may contain information on the company's bank accounts, homes, digital assets, and investments in other businesses. Teneo's petition was filed on the basis that the crypto hedge fund may have this information. During the month of June, Zhu allegedly made an offer to sell the "bungalow" he owns in Singapore for 35 million dollars.

Zhu Su, one of the cofounders of 3AC, responded to allegations that the company had not been cooperative with the liquidators in a tweet that was published on July 12. In the tweet, Zhu Su stated that the company had provided the liquidators with a spreadsheet that outlined the company's assets.

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According to reports, Zhu and his business partner Kyle Davies fled the country shortly after the insolvency order for the company was handed down. They later made their appearance, stating in an interview with Bloomberg that they were hiding out because they were receiving death threats.

The claimed inability of 3AC to pay margin calls on June 27 led to the company being pushed into bankruptcy. According to Bloomberg, Teneo has already obtained ownership of at least $40 million worth of assets belonging to 3AC. This sum covers a very insignificant percentage of the 3AC's overall debt to its creditors, which is estimated to be at least $2.8 billion USD.
While Teneo's local business in Singapore is represented by WongPartnership LLP, Three Arrows' local operations are represented by Solitaire LLP. In accordance with the reports, representatives from Teneo, WongPartnership, and Solitaire all declined to comment. Zhu and Kyle Davies, who was also a co-founder of the company, did not respond swiftly to calls for comment.
The amount that is owed to the company by Genesis Asia Pacific, the company's largest creditor, is $2.36 billion. In order for Genesis to continue business as usual, the company's parent company, Digital Currency Group, was ultimately compelled to accept some responsibility for the trader's actions.

In the same vein, Voyager Digital cited 3AC's default on a loan of 15,250 Bitcoin (BTC) and 350 million USD Coin as the reason for its decision to restrict withdrawals and other operations beginning on July 1. (USDC).[rb_related title="More Read" style="light" total="4"]

The fact that the Singaporean authorities have given their approval to a 3AC investigation is the most important thing at this point. When the investigation is finally over, there is no question that it will make headlines.