Deribit initiated Three Arrows Capital's liquidation application in BVI court By Yogita_Khatri5
The exchange operator told The Block that a couple of other parties joined the initiative. Crypto derivatives exchange operator Deribit initiated the liquidation application against Three Arrows Capital in a court in the British Virgin Islands , according to a court order seen by The Block.
Deribit confirmed to The Block on Friday that the company led the liquidation application against the investment firm. It added that a couple of other parties joined the initiative but declined to name those due to non-disclosure agreements.. It is unclear whether Blockchain.com joined with Deribit or has taken legal action against 3AC separately. The Block has reached out to Blockchain.com for comment and will update this story should we hear back.. The court order seen by The Block also names specific Teneo employees who will lead the liquidation — Russell Crumpler and Christopher Farmer — senior managing directors with Teneo in the BVI.Deribit applied for 3AC's liquidation on June 24, and on June 27, 3AC applied for its own insolvency, per the order. That was a legal technique by 3AC to spin things in their favor, a person with knowledge of the situation told The Block. But Deribit beat them by applying earlier, the person said. Otherwise, the liquidator nominated by 3AC might have been appointed. The Block has contacted 3AC for comment and will update this story if we hear back. 3AC co-founder Zhu Su and the person named Chen Kaili Kelly are listed as creditors in the court order from 3AC's own filing. It is not immediately clear who Kelly is. Founded in 2012 by Zhu and his former classmate and Kyle Davies, 3AC had grown into one of the largest and best known crypto hedge funds. But May's of the Terra ecosystem resulted in a significant hit for 3AC as its investment in Terra's native luna token sank to almost zero.that it was among exchanges that liquidated 3AC's positions. 3AC is also a shareholder in Deribit. BitMEX was also among the exchanges that liquidated 3AC and is owed $6 million by the fund, The Block reported previously. But BitMEX hasn’t joined the Deribit initiative, a company spokesperson told The Block. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at
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