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The lawyer for the liquidators stated he was unaware of the present location of Zhu and Davies, arguing the two have failed to give "meaningful cooperation."
A court in the United States has authorized liquidators to summon the founders of Three Arrows Capital (3AC), including Su Zhu and Kyle Davies.
According to a report by Law360 on Tuesday, U.S. Bankruptcy Judge Martin Glenn granted an order enabling the subpoenas after hearing from the liquidators' attorney that the founders' locations are unknown and that there are suspicions they may be selling off tens of millions of dollars' worth of assets.
Adam Goldberg, the attorney, stated that he was unaware of the present location of Zhu and Davies and that the pair had not given “substantial assistance” to the liquidators.
Goldberg expressed worry that 3AC may be selling assets by referencing media rumors that Zhu was selling a Singapore home valued at “tens of millions of dollars.”
The role of a liquidator is to determine the worth of an insolvent company or individual and liquidate its assets to satisfy its obligations. It may be difficult for liquidators to recover 3AC’s crypto assets if it lacks jurisdiction over the wallets.
The presiding judge, Martin Glenn, agreed that the placement of the company’s crypto wallets posed “tricky challenges” when attempting to collect crypto assets from the company.
Bloomberg reported on Tuesday that Goldberg believes crypto wallets fall under U.S. jurisdiction and that his client now has discretion over these assets. Goldberg said:
“A key part of this motion is to put the world on notice that it is the liquidators that are controlling the debtor’s assets at this stage.”
Three Arrows Capital, a prominent investment business created in 2012 and headquartered in Singapore, had over $18 billion in assets under control as of April but may have lost a significant amount of that net worth following the Luna Classic (LUNC) token’s May decline.
Since then, 3AC has defaulted on around $1.5 billion in crypto debts from Voyager Digital and BlockFi.
Since June 14, 3AC founders Zhu and Davies have been mostly incommunicado, and their location has remained a mystery to the public.
Tuesday, Zhu broke his quiet of several weeks with a quick tweet denouncing the liquidators for tricking him into not purchasing Starkware tokens.
Since June, the alleged operations of 3AC have been discovered, resulting in liquidations in the British Virgin Islands and financial disasters on numerous crypto platforms.
3AC’s loan defaults contributed to Voyager’s bankruptcy filing and BlockFi’s possible acquisition by the FTX.US cryptocurrency exchange. On July 1, 3AC also filed for Chapter 15 bankruptcy.