Three Arrows Capital has filed for Chapter 15 in the state of New York.
At one time, the mega fund managed an estimated $10 billion in assets and was a linchpin in the space. Major industry players have had to change operations and limit customer withdrawals due to the insolvency of its parent company.
The foreign firm will be able to protect its assets in the US under Chapter 15 of the law. The company is located in Singapore.
The collapse of the firm is causing trouble for a lot of venture-backedcryptocurrencies. BlockFi said that it had lost around $80 million from its dealings with 3AC.
FTX US deal with troubled crypto lender BlockFi floats acquisition with ‘up to’ $240M purchase price
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