Troubled cryptocurrency hedge fund Three Arrows Capital is in liquidation following a ruling by a court in the British Virgin Islands (BVI), according to a report by Sky News.

Partners from BVI-based Teneo have reportedly been lined up to deal with the insolvency of the Singapore-based firm, which has been making headlines since getting caught up in the chaos of the recent crash in the value of cryptocurrencies.

Three Arrows Capital, which was set up in 2012 by Su Zhu and Kyle Davies, was issued with a default notice earlier this week by Voyager Digital after failing to repay loans of $670 million – $350 million in the US dollar-pegged stablecoin, USDC, and also 15,250 bitcoin, which is worth about $323 million currently.