Deadline for Dividend Claims by 3AC’s Creditors

Creditors of the bankrupt crypto hedge fund Three Arrows Capital (3AC) have a deadline to submit their claims for a dividend distribution. The liquidation process of 3AC’s assets is being handled by Teneo, and creditors who have not yet submitted their claims must do so by March 14, 2024, by sending a written letter to an address in the British Virgin Islands. Creditors who have submitted claims but have not received confirmation should also contact Teneo. The specific amount to be distributed as interim dividends has not been disclosed, and Teneo has refused to provide further information on the final distribution. The funds are expected to be paid out around March 31, 2024.

In December 2023, Teneo estimated that creditors would receive approximately 46% of their claims, with the total of recovered assets at that time amounting to $1.16 billion. The total amount due for distribution was forecasted to be $2.7 billion, lower than the $3.4 billion filed in 154 claims. Data from Scopescan on Feb. 23 reveals that an Ethereum wallet address linked to Teneo’s liquidation process holds $887.3 million worth of crypto assets, including Worldcoin, Starknet, dYdX, USD Coin, SuperRare, WOO, and Tokenize Xchange.

A settlement has recently been approved by a US judge, resolving claims and disputes between 3AC and crypto lender BlockFi. It is worth noting that Three Arrows Capital filed for Chapter 15 bankruptcy on July 1, 2022, after being heavily impacted by the collapse of the Terra ecosystem in May of that year. Since then, the co-founders, Kyle Davies and Su Zhu, have been evading liquidators, which has delayed the recovery efforts in the case.