The crypto industry continues to "pick up the pieces" after its epic collapse over the last 6 months, culminating in the implosion of FTX last month.
Three Arrows Capital, another firm that went under due to the plunging price of bitcoin, is in the process of being liquidated. Those in charge of dispersing of its assets are now looking to raise $30 million from the sale of a superyacht called "Much Wow".
We first wrote that the yacht was being considered for sale in the bankruptcy this summer.
On Friday, a filing in the U.S. Bankruptcy Court in the Southern District of New York by the company's liquidator, Teneo, confirmed that it had recovered $35.6 million in cash, $2.8 million from forced redemptions and "over 60" different crypto tokens and NFTs, Coingape reported.
Teneo is also seeking $30 million from the sale of the yacht, which is said to be worth $50 million. According to the report, founders of 3AC used company funds to purchase the yacht, but never made its final payment.
The yacht is currently "in insolvency proceedings in the Cayman Islands", the report says.
Company founder Kyle Davies recently "criticized liquidators for refusing to engage with them constructively," the report continues. Teneo has spoken out and said that they Davies and founder Zhu Su are delaying the return of funds to creditors.
The founders are in Bali and Dubai, respectively, and their U.S. citizenship is "unclear", making it difficult to subpoena them.
Sat, 12/03/2022 - 13:00