Three Arrows Capital (3AC) Is Now Seeking Bankruptcy Protection

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The Cryptocurrency hedge fund, which had managed assets worth $10 billion, has been declared insolvent. In a blow to the sector, a British Virgin Islands court on June 29 ordered the liquidation of the troubled hedge fund.

Three Arrows Capital, a troubled cryptocurrency hedge firm, filed for Chapter 15 bankruptcy protection on Friday.

Foreign debtors can manage bankruptcy proceedings in the US using the Chapter 15 tool. It will enable the hedge fund to safeguard its domestic assets during the liquidation process.