The creditors of broke crypto hedge fund Three Arrows Capital (3AC) met on July 18, and a five-member creditors’ committee was formed for liquidation.
The creditors voted based on their voting power (size of their claim) and a committee comprised of Digital Currency Group (DCG), Voyager, CoinList, Blockchain.com and Matrixport was elected.
Apart from Matrixport, the other four are mentioned in 3AC’s affidavits. A source said Matrixport has been added to the creditor’s list and that Teneo, 3AC’s liquidator, will publish the updated list.
“Alongside other creditors of Three Arrows Capital, we have lodged a claim with the court-appointed liquidator to reclaim outstanding debt following a loan default. The outcome of the liquidation process does not impact the solvency of Matrixport and the company continues to operate normally,” said a Matrixport spokesperson.
The largest creditor on the list is Genesis Asia Pacific Pte Ltd., a unit of the brokerage subsidiary of DCG. 3AC owes $2.3 billion to them. Bankrupt 3AC owes a total of 27 crypto companies a whopping $3.5 billion.
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A Q&A document published by Teneo confirms the formation of the creditors committee and its participants.
The document also mentioned that “the creditors’ committee works closely with the JLs to support the interests of all creditors through each stage of the insolvency. The creditors committee consults with the JLs. To the best of the JLs’ knowledge, no one on the creditors’ committee is related to or connected to the founders/principles of Three Arrows Capital.”
