filed in the Singapore High Court for recognition of the British Virgin Islands liquidation proceedings.The two made a $50 million down payment despite the fact that their hedge fund was in the process of underwater, according to the filing rumors. This also confirms earlier rumors about Zhu bragging about him owning the yacht despite not having it in person. The yacht was scheduled to be delivered to Italy within the next two months.
As reported by U.Today, rumors of 3AC’s insolvency started swirling in mid-June. In early June, the beleaguered hedge fund filed for bankruptcy after a court based in the British Virgin Islands ordered the firm’s liquidation. The court filing also shows that the hedge fund had roughly $600 million worth of exposure to the Terra blockchain, which imploded in May. However, Zhu and Davies kept investors in the dark about the extent of their exposure.
Notably, they put 3AC into liquidation without informing any of the shareholders or creditors. It took a while to get in touch with their lawyers after the founders went dark.About the authorAlex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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