Share this article
US Bankruptcy Court Approves Foreign Administrator for Three Arrows Capital's Debt
The administrator will also be able to subpoena the crypto hedge fund's founders.
By Nelson Wang
Updated May 11, 2023, 5:36 p.m. Published Jul 12, 2022, 4:18 p.m.
Make us preferred on Google
A U.S. federal bankruptcy court has approved a request by foreign representatives of liquidators of Three Arrows Capital to administer the crypto hedge fund's assets in the U.S. and subpoena its founders and other relevant parties, according to an order issued Tuesday.
- The Singapore-based hedge fund filed for Chapter 15 bankruptcy protection in the U.S. on July 1. It had previously been ordered to be liquidated in the British Virgin Islands.
- Earlier on Tuesday, Three Arrows’s co-founder Su Zhu posted screenshots of an email sent from his legal counsel to legal representatives of its liquidators, alleging they are “baiting” Zhu and co-founder Kyle Davis and ignoring their good-faith attempts to work with them.
- In legal documents filed late Friday, lawyers for Three Arrows's liquidators said Zhu and Davies were not cooperating with the proceedings and their location is unknown.
- The first meeting of Three Arrow's creditors will be held on July 18, according to sources who spoke to The Block. The meeting will be hosted by Teneo, a financial advisory firm that is 3AC's court-appointed liquidator.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
UPDATE (July 12, 20:37 UTC): Updated with meeting information in the fourth bullet point.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Michael Saylor's Strategy catches a break from MSCI, but analysts caution fight isn’t over yet
MSCI won’t drop firms like Strategy from indexes yet, but a broader rule change may still be on the table
What to know:
- Shares of Strategy rose 6% after MSCI decided not to exclude digital asset treasury firms from its indexes.
- The decision alleviates immediate pressure on companies holding large amounts of bitcoin but not directly operating in the blockchain sector.
- Analysts caution that the situation may not be resolved, as future MSCI rule changes could still impact firms like Strategy.
Top Stories
