Singapore’s High Court has granted Three Arrows Capital liquidators Teneo power to secure and liquidate its assets in the country, Bloomberg News reported on August 24.
According to the report, Teneo is now recognized in Singapore to request access to 3AC locally-owned assets and financial records.
It means the liquidator can focus on 3AC assets like bank accounts, cryptocurrencies, non-fungible tokens, and stakes in companies and properties in Singapore.
Reports revealed that the liquidator controls about $40 million worth of assets belonging to the crypto fund, a fragment of the over $2 billion unsecured claims against the firm.
According to court papers, the unsecured claims are expected to rise further, as not all creditors have filed their claims.
The liquidators had previously said the cofounders were uncooperative. The two are currently in Dubai and are also part of the creditors who filed claims against the bankrupt firm.
A British Virgin Islands court had appointed Teneo as the bankrupt hedge fund assets administrator, but it had found it difficult to exercise the order in Singapore.
The crypto-focused hedge fund had its headquarters in Singapore until April, when the cofounder Zhu Su announced plans to move its headquarters to Dubai.
However, it is registered with Singapore financial regulator BVI, and most of its operations remained in the country until its eventual collapse.
Three Arrows Capital is part of the prominent crypto firms that crashed due to the Terra/LUNA collapse. Three months after the incident, crypto firms like Voyager and Celsius have declared bankruptcy.