Crypto hedge fund Three Arrows files for Chapter 15 bankruptcy

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July 1, 2022 7:38 PM EDT

A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021. REUTERS/Edgar Su/Illustration

(Reuters) - Crypto hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows foreign debtors to shield U.S. assets, according to a court filing on Friday.

Singapore-based 3AC is one of the highest-profile investors hit by the sharp sell-off in crypto markets and is being liquidated, Reuters reported on Wednesday, citing a person familiar with the matter.

Representatives for 3AC filed a petition in the U.S. Bankruptcy Court for the Southern District of New York on Friday, according to court documents.

On Thursday, Singapore's financial regulator had accused embattled the fund of exceeding its assets threshold and providing false information.

Non U.S.-companies use Chapter 15 to block creditors who want to file lawsuits or tie up assets in the United States.

(Reporting by Akriti Sharma in Bengaluru; Editing by Leslie Adler and Kenneth Maxwell)


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