The meeting of 3AC Liquidators reveals that the firm no longer owns BTC or ETH

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Last Updated on July 19, 2022 by Bitfinsider

One of 3AC’s creditors, Twitter user Soldman Gachs (@DrSoldmanGachs), has documented the first meeting of creditors for the crypto hedge fund, which took place on July 18. Teneo’s retention as liquidators, the formation of a creditor committee, and a breakdown of 3AC’s remaining assets were among the key takeaways.

The creditors, according to Soldman Gachs, decided to keep Teneo as the liquidator. This is due to Teneo’s knowledge, experience, and commitment to ensuring the best possible outcome for all creditors. Teneo also posted 3AC’s 1,157-page court filing document online on Monday.

Furthermore, a creditor committee was formed during the meeting to protect the creditors’ best interests. The committee will include Digital Currency Group, Voyager Digital, Blockchain Access UK Ltd, Matrix Port Technologies, and CoinList Lend, which represent 80 percent of the claims.

Finally, 3ACs assets were broken down into bank account balances, direct crypto holdings, underlying equity projects, and NFTs. Notably, at the time of the investigation, 3AC had no BTC or ETH.

Despite Teneo’s request that the meeting’s details be kept private, Soldman Gachs decided to share them. The 3AC Creditor stated that sharing information on Twitter was motivated by public interest and responsibility to users, shareholders, lenders, and others.

Teneo also addressed the possibility of wrongdoing during the insolvency period. Su Zhu, the founder, is claiming $5 million from 3AC, along with ThreeAC Limited claiming $25 million and Chen Kaili Kelly (Kyle Davies’ wife) claiming $66 million.

The total claims made are currently valued at $2.8 billion, with many people still barred from filing any claims.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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