June 29, 2022
Happy Wednesday, fintech readers.
Situational awareness: Axios Media Pro reporters Tim Baysinger and Kerry Flynn are digging into the media landscape on Thursday at 12:30pm ET with DoubleVerify CEO Mark Zagorski and Standard General chief investment officer Soo Kim. Make sure you don't miss it.
1 big thing: Three Arrows Capital in liquidation
Three Arrows Capital, the beleaguered crypto hedge fund, has been ordered into liquidation by a court in the British Virgin Islands, Sky News first reported.
- Teneo, an advisory firm, has been appointed to handle the liquidation, a source with knowledge of the matter confirms.
Why it matters: Being ordered into liquidation will put a more standard process in place for Three Arrows and its creditors at a time when some of the fund's lenders appear confused and say they have had little communication from the investor.
- This also means Teneo is now in control of 3AC's assets, rather than founders Kyle Davies and Su Zhu.
Details: Teneo is taking stock of what 3AC actually owns and is expected to collect information on 3AC's creditors and debtors via a website in coming days, the source says.
- Known creditors include Voyager Digital, a company that has said it is owed about $674 million.
- Three Arrows' fund is incorporated in the British Virgin Islands.
Of note: The liquidation process is in its early stages, meaning the creditors are probably in for a long haul.
- 3AC has not yet responded to a request for comment.