Su Zhu Amongst Creditors Files $5m Claim against His Own Firm: Sources
Godfrey Benjamin Jul 19, 2022 03:55
Su Zhu, the co-founder, and CEO of bankrupt Three Arrows Capital (3AC) is reportedly amongst the creditors that filed claims against the embattled crypto hedge fund.
Su Zhu, the co-founder and CEO of bankrupt Three Arrows Capital (3AC), is reportedly amongst the creditors that filed claims against the embattled crypto hedge fund.
This news was shared by a Twitter user named ‘Soldman Gachs’ who also claimed he was one of the creditors of Three Arrows Capital.
“I've just seen the list of creditors to #3AC and noticed that @zhusu has filed a claim for $5 million. While being on the run, he has somehow found the time to diligently and ruthlessly fill out forms to pursue a claim against his own Fund,” he said in a tweet.
While the news that Su Zhu filed a claim against his own company may sound bizarre, Soldman Gachs also revealed that ThreeAC Limited, the investment manager of 3AC, also filed a $25 million claim against Three Arrows Capital. The creditor also shared the list of other creditors of the company, citing the likes of Digital Currency Group (DCG), Algorand, CoinList, and the MoonBeamNetwork amongst others.
Teneo Restructuring published the list of the creditors, which is made public for the first time since it was appointed by a court in the British Virgin Islands (BVI) to handle 3AC’s liquidation process. These creditors were reportedly expected to have a meeting on Monday, July 18.
The total value of all claims against Three Arrows Capital came in at $2.8 million, and per Soldman Gachs, some of these creditors filed for just $1 with the right.
It is highly unlikely that 3AC has enough collateral and assets to meet up with all of these claims, a harsh reality that might make some creditors lose their funds. The liquidation process is a cycle in the current crypto ecosystem, and one of 3AC’s creditors, Celsius Network, has also filed for bankruptcy in the US recently.
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