Under an injunction issued Tuesday, a US bankruptcy court is “flashing the green flag” at the legal administrator to manage 3AC’s assets and sue the founders.
The bailiff who was investigating 3AC received permission from the court to conduct the investigation into 3AC and the entities involved. The injunctive relief order was issued by a judge in the Southern District of New York.
3AC previously received a winding-up order from the British Virgin Islands. It was followed by a Chapter 15 bankruptcy filing by the financially troubled company.
3AC’s Zhu Su Comes Out Of Incognito Mode
The bear market and tumbling crypto prices have been a pain for both investors and various crypto firms. 3AC’s bankruptcy filing was followed by Voyager, BlockFi and other lending platforms that faced financial difficulties.
Amid all this, Zhu Su and Kyle Davies, the company’s founders, were still missing. After being in secret for several weeks, Zhu Su has now made the decision to come out on Twitter†
The founder of Three Arrows Capital revealed images of two emails addressed to a person named Russell. Further images show Zhu Su calling the platform’s liquidators “baiters”.
Zhu Su’s attorney Christopher Anand Daniel of Advocatus Law submitted the previously disclosed emails. According to reports, the emails were submitted to the legal counsel of Three Arrows Capital’s liquidators.
When the founders went missing and their whereabouts were quite unknown, 3AC’s legal representatives complained that they were not cooperating. Zhu Su and Davies were also not present at the scheduled meeting.
As the crypto bear market continues, most cryptocurrencies have lost 70 to 90% of their prices. It all started with the fall of Terra, with several companies and individuals losing millions. The fall in prices caused crypto firms to liquidate their positions and find themselves in a difficult financial condition.