In February, it was reported that Kyle Davies, the co-founder of Three Arrows Capital (3AC), faced allegations of evading subpoenas related to the collapse of the defunct Singapore cryptocurrency hedge fund. The current custodians of the 3AC estate are now pursuing a daily fine of $10,000 against him for his non-compliance with the New York court’s inquiries.
3AC Co-Founder Faces Contempt of Court
In July of last year, the crypto hedge fund 3AC, which is no longer in operation, filed for Chapter 15 bankruptcy protection. The crypto hedge fund incurred substantial losses due to the meltdown of the Terra blockchain ecosystem. Additionally, significant losses were incurred from the fund’s large holdings in the Grayscale Bitcoin Trust (GBTC).
One month before filing for bankruptcy, reports predicted that the company could potentially become insolvent following liquidations that resulted in multimillion-dollar losses. As the bankruptcy proceedings and liquidations commenced, reports sur
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