Three Arrows Capital (3AC) has seen a lot of trouble majorly due to the troublesome crypto market conditions. Due to this, the crypto hedge fund had to file for bankruptcy. However, in a startling event, one of the co-founders of Three Arrows Capital has filed a claim against his own company.
According to Soldman Gachs, a creditor to 3AC, Zhu Su had submitted a $5 million claim along with a list of creditors. The list included DCG, Voyager, Algorand, DeFiance, Celsius, BlockFi, CoinList, SBI Crypto, Moonbeam Network, Galaxy Digital, and BitGo.
The investment manager of 3AC, ThreeAC Limited, has filed a claim for $25 million. making it one of the largest 3AC creditors. Currently, the total value of claims against 3AC came at around $2.8 billion.
Besides this, 3AC creditors are scheduled to meet today and address the proceedings. The British Virgin Islands court has appointed Teneo Restructuring that’ll oversee the meeting.
Unsurprisingly, some in the crypto community decided to take a jab at Zhu Su for his latest move.
Crypto had a strong year in 2021 with the advent of NFTs, Metaverse, and meme-coins such as DOGE and Shiba Inu. However, 2022 looks like a disastrous year for the crypto market right now with multiple companies declaring bankruptcies.
Besides 3AC, crypto lending firms such as Celsius Network, Vauld, and Voyager Capital have filed for bankruptcy.