3AC Liquidators Are Able to Recover Approximately $1.2 Billion From BlockFi And DCG
Key Points:
- Teneo, the liquidator of Three Arrows Capital (3AC), suggests the possibility of recovering $1.2 billion from DCG and BlockFi, as stated in a confidential report.
- Over $1 billion in “potential claims” against DCG, its lending subsidiary Genesis, and BlockFi for $220 million are included in the settlement.
- If the hedge fund was aware that it was making payments that put one or more debts in a better position than other debts, preference claims would apply.
According to Godleak, Teneo, the liquidator of Three Arrows Capital (3AC), could attempt to recover around $1.2 billion from DCG and BlockFi.
CoinDesk looked at a secret report from liquidation firm Teneo on July 7 that says failed crypto hedge fund Three Arrows Capital has a “potential claim” with DCG and its lending subsidiary Genesis worth more than $1 billion. Additionally, the report states that BlockFi has received a “preferred payment” from 3AC totaling more than $220 million.
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Inclination cases would become an integral factor assuming that the multifaceted investments knew it made installments that put at least one obligations into a preferable situation over different obligations. They pertain to 3AC’s transactions in the so-called “insolvency twilight zone” following the Terra Luna project’s collapse earlier in 2022.
In any case, with the ongoing circumstance, the organizations included are battling and made up for lost time in a knot of claims and grievances with various accomplices.
DCG and Beginning, alongside organizer Barry Silbert, are both entangled in a claim recorded yesterday by Gemini Chief Cameron Winklevoss charging a trick to cheat Beginning lenders following cases of more than $600 million by the organization. Gemini shows no signs of moving forward.
BlockFi also filed a complaint, requesting that FTX/Alameda pay back more than $1 billion. However, FTX’s filing indicates that it rejects BlockFi’s argument and contends that BlockFi is violating bankruptcy regulations. Consequently, its bankruptcy plan was opposed as well.
For the present, Teneo declined to remark on any compensation plans. DCG and BlockFi did not respond to inquiries for clarification.
